So recently the CEO’s of big four companies (google,Amazon,Apple,Facebook) were asked to testify themselves in front of american Congress comprising of both Republican and Democrates.
so what is Anti-Trust Trials?
• Technology companies such as Google, Facebook, Amazon, and Apple have been under the radar of governments in many countries for being big spenders and trying to steamroll competition by either buying them or pushing other vendors to avoid working with their competitors.
• In June last year, the US Congress and an antitrust panel of the House Judiciary Committee began a probe into the nature and working of four biggest names in technology space.
What did the top four companies’ said in there Defence?
- The hearing on Monday saw Amazon founder Jeff Bezos face the house panel for the first time.
- In his statement to the Congress, Bezos defended the company as American and said that they did not just hire “highly educated computer scientists and MBAs (Master of Business Administration) in Seattle and Silicon Valley” but also trained “hundreds of thousands of people in states across the country” for entry-level jobs.
• On the other hand Tim Cook, when grilled about why had some of the apps with features similar to those of Apple’s apps, been booted out of the iOS store, took the privacy and security line and said that the company had worries about the data of small, underage kids being misused.
• Reuters Photo Google CEO Sundar Pichai made a commitment to the house panel that it will not tilt or skew the searches in favour of one candidate or another before the upcoming elections in November.
Facebook founder Mark Zuckerberg, whose companies had bought Instagram and WhatsApp in some of the biggest deals in technology space, had been accused of using money power to outright buy competition and then push them aggressively against other competitors in the market.
TOO BIG TO FAIL ?
- The US Congress on Wednesday grilled the top bosses of the big four technology companies, Google, Facebook, Amazon, and Apple and sought to know if they had become too big to fail and if they were stifling the competition from other smaller
This is the major question which has to be asked because the total net worth of these companies combined is equal to germanies economy in total which is 5 trillionin net worth the bigger problem is countries like india are still yet to become a 5 trillion economy so it is a major question to are these companies has grown at such extent that they are too big to fail.
because if these companies falls down they can trumble the whole
countries economy so there is a need of monitoring on these companies so that these companies don’t hold all the power in there hand.