WHAT YOU NEED TO KNOW:
- The results of the antitrust probe on the country’s four largest tech platforms are set to be released next week by the House Judiciary Committee.
- Reuters said the investigations, which determined if Apple, Amazon, Facebook, and Google negatively affected other smaller rival companies, will be out after a hearing on Friday about antitrust laws.
- All four tech juggernauts, which have a combined market value of around $5 trillion, said in a July hearing that they all face competition from other companies in their fields.
The House Judiciary Committee’s antitrust panel is slated to release the results of its antitrust investigations on four of the nation’s tech giants next week.
Reuters reported that the results of the probe on Apple, Amazon, Facebook, and Google, which analyzed whether their businesses have impacts on smaller rivals, may arrive following a Friday hearing on proposals to reinforce antitrust laws and bring back online competition.
The combined market value of the four tech platforms is estimated at around $5 trillion.
Back in July, CEOs of the companies testified in a hearing before the committee saying they all face fierce competition in their respective trades.
“Every day, Amazon competes against large, established players like Target, Costco, Kroger, and, of course, Walmart — a company more than twice Amazon’s size,” argued Jeff Bezos, the world’s richest man, who also appeared in the hearing.
Mark Zuckerberg also painted a similar scenario about Facebook that reported roughly 2.5 billion users, saying the social media empire was an “American success story” that has to grapple for a slice of the pie with the other companies.
Zuckerberg argued, “[The] most popular messaging service in the US is [Apple’s] iMessage. The most popular app for video is [Google’s] YouTube. The fastest-growing ads platform is Amazon, the largest ads platform is Google. And for every dollar spent on advertising in the US, less than 10 cents is spent with us.”
Meanwhile, the Justice Department also launched a probe on the four tech companies while inquiries into Facebook and Amazon are being conducted by the Federal Trade Commission with the US state attorney general looking into Facebook and Google.
Source: New York Post