Trump Threatens Overpower of the Tech Giants
Shortly before a hearing in the United States Congress (parliament) about the power of the technology and internet giants, President Trump threatened to intervene in the sector.
If Congress does not occur to regulate the sector, Trump says he will do so himself with presidential decrees, he tweeted.
A U.S. House of Representatives special committee is hearing as part of an investigation into monopolization and unfair competition from Jeff Bezos of Amazon, Tim Cook of Apple, Mark Zuckerberg of Facebook and Sundar Pichai of Google. It is the first time that the top men are heard all four at the same time.
The investigation focuses on the sheer size of companies suspected of strengthening their industry and media dominance by harming or eliminating smaller competitors.
The House’s legal “antitrust” subcommittee also wonders whether this unfair competition will harm consumers. Subcommittee Chair, Democrat David Cicilline, is known as a fierce critic of the tech giants’ monopoly. He recently called Apple practices outright “highway robbery.”
Facebook’s Zuckerberg will defend the social media company on Wednesday by saying it faces intense competition. He also points out the danger of China’s growth as an internet superpower.
Zuckerberg’s written testimony states that Facebook has become successful the American way by starting with nothing and delivering products that people find valuable.
Zuckerberg also defends Facebook acquisitions because they help companies like WhatsApp and Instagram grow. Both are owned by Facebook.