The United States Congress' probe against four of the largest technology companies of the country, Amazon, Apple, Google, and Facebook, finds that everyone was abusing 'monopoly power' on their daily operations as it controls the industry. The Tech giants are known to have stakes among the technology industry, not just in America, but also in the whole world.
The US government is now making a move against the country's massive companies as they discover the hold they have over the marketplace. Initially, only the FTC was regulating the law and going against these companies, but recent events reveal that the country is not too pleased about it.
The Antitrust Law aims to protect America's consumers and the way they consume products from several companies. As they call it, ' Business strategies are a form of monopolistic tactics several companies use to take over the market and eliminate the competition.
FTC and other government entities are now pursuing the tech giants known to have multiple companies under its sleeves, all extremely popular as its mother company. Facebook alone has significant stakes in the country and the world's social media with the Facebook website, Messenger, Instagram, and WhatsApp.
What Will be the Tech Giant's Future?
The House of Judiciary Committee of the government recently posted a 450-page report that details the characteristics of the companies entangled in the issue of market 'monopoly.' This move by the tech giants is inconsiderate maligns customer choices by providing everything in their companies.
The 'anticompetitive' tactic presented by the companies is unacceptable in the US market, and the government is making that clear amongst Amazon, Apple, Google, and Facebook. Moreover, 'significant evidence' finds that these companies are indeed practicing 'monopoly power' among the public, limiting their choices and liberty.
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This article is owned by Tech Times
Written by Isaiah Alonzo
