Facebook and other tech giants under scanner over monopoly power
Category: #headlines  By Nikita Chaurasia  Date: 2020-10-08
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Facebook and other tech giants under scanner over monopoly power

 

  • A report drafted by House Democrats has appealed the Congress to reform antitrust laws.
  • The House Democrats claim the tech giants should segregate their platforms to allow the growth of smaller struggling companies.

According to reliable sources, a report drafted by the leading Democratic congressional lawmakers concluded that the four technology giants, namely Google LLC, Apple Inc., Amazon.com Inc., and Facebook Inc. should segregate their respective platforms in order to allow the growth of smaller struggling companies.

The drafting of the report comes along the heels of a 16-month investigation which inferred that the four companies indulged in a monopoly power that needs to be curbed by Congress.

Sources close to the matter state that the report recommended the enforcement of new laws that would essentially limit the acquisitions made by the four companies. It also appealed for the Congress to impose structural separations on the technology giants through antitrust laws, prohibiting them from entering adjacent lines of business.

For instance, the report argues that the acquisition of Instagram by Facebook was an evident attempt to invalidate a nascent competitive threat, sources claimed.

Moreover, the subcommittee involved in the investigation found an internal document called ‘The Cunningham Memo’. Apparently, the document written by a senior economist and data scientist at Facebook, Tom Cunningham, allegedly showed that the company tipped its way to be in a dominant position.        

Although no legislative changes are imminent, the conclusions of the investigation have paved the way for new laws in the near future.

In other news, Facebook Inc. has reportedly announced that it will ban all accounts affiliated with the QAnon conspiracy group. Sources claimed that the social media giant is focusing on restricting misinformation ahead of the U.S. presidential elections.

Source credits: https://www.cnbc.com/2020/10/06/house-democrats-say-facebook-amazon-alphabet-apple-enjoy-monopoly-power.html

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

Nokia partners with LG Uplus to expand 5G coverage in South Korea

Nokia partners with LG Uplus to expand 5G coverage in South Korea

By Nikita Chaurasia

Finnish telecommunications giant Nokia Corporation has reportedly signed a joint venture agreement with LG Uplus, a prominent cellular carrier, to expand 5G coverage in South Korea. The duo intends to achieve this by deploying Nokia’s end-to-e...

Mercedes-Benz unveils the S-Class of EVs, comes with a 56-inch display

Mercedes-Benz unveils the S-Class of EVs, comes with a 56-inch display

By Nikita Chaurasia

Mercedes-Benz, a German multinational automaker of luxury and commercial vehicles, has unveiled its flagship electric sedan, the EQS. The new vehicle is likely to allow Mercedes to take on Tesla Inc., as the market for electric vehicles (EVs) continu...

Ford takes on GM, Tesla by debuting its first hands-free driving system

Ford takes on GM, Tesla by debuting its first hands-free driving system

By Nikita Chaurasia

Ford Motor Company, the American multinational automaker, is reportedly planning on introducing a hands-free driving feature on its 2021 Mustang Models as well as 2021 F-150 pickup truck through a software update, by the end of the year. The automob...