White House hopeful Elizabeth Warren unveils Big Tech breakup plan
- Author: Wendy Palmer Mar 10, 2019,
Mar 10, 2019, 0:21
The stocks were already lower after disappointing payrolls data. If it does this, it could become much more complex and costly to force the company to disentangle these components.
And Google has clashed with smaller companies, like Yelp, over search placements. The government's antitrust case against Microsoft helpedclear a path for Internet companies like Google and Facebook to emerge. She specifically called out Amazon's acquisition of Whole Foods and Zappos; Facebook-owned WhatsApp and Instagram; and Google's Waze, Nest, and DoubleClick as "anti-competitive mergers" to be broken up.
Warren, who is seeking to stand out in a crowded field of presidential candidates, said in a blog post that on their way to the top, the big tech companies purchased a long list of potential competitors, like Facebook's acquisition of Instagram. Which, by the way, all met regulatory scrutiny.
Warren said "weak antitrust enforcement" has resulted in a reduction of competition and innovation in the tech sector.
Even some Republican lawmakers, who generally oppose government regulation of the economy, have flirted with antitrust for tech.
We contacted Amazon, Google, and Facebook about Warren's plan. Technology and tech policy is sure to be a significant issue in the campaign.
With fewer competitors entering the market, the big tech companies do not have to compete as aggressively in key areas like protecting our privacy. "Every day brings some creepy new revelation about these companies' behaviours".
"To restore the balance of power in our democracy, to promote competition, and to ensure that the next generation of technology innovation is as vibrant as the last, it's time to break up our biggest tech companies".
Tech companies with annual global revenues between $90 million and $25 billion, meanwhile, would also be required to meet similar standards, but would not have to structurally separate from participants on their platforms, according to the senator. In the Senate, Warren continues to be an outspoken critic of Wall Street and is a leader of her party's progressive wing.
Some of those in attendance said they didn't know enough about Warren's proposal to back it fully but they trusted her policy expertise. After Democrats won the House in November, staff on the Energy and Commerce Committee and the Judiciary Committee began to write legislation to address Facebook's concentrated economic power through privacy and pro-competition measures, Barron's reported in December.
The Democratic senator from MA, who's seeking the Democratic nomination for president, laid out her proposal in a Medium post entitled "Here's How We Can Break Up Big Tech". Earlier in March, she told The Washington Post that the US has a "major monopoly problem" in the technology and pharmaceutical industries.