Left Wing Senator Wants To Break Up Amazon, Google & Facebook
Left wing socialist US Sen. Elizabeth Warren who believes she can become the President of the USA wants to break up Amazon, Google and Facebook
She claims that she wants to promote competition in the tech sector, but the woman who has never run a business and is a former IBM scientist has not explained how.
Investors who are witnessing a surge in the US economy under Trump shrugged off her comments, with shares in the three companies barely moving.
Warren’s plan envisions a new business category for companies that have more than $25 billion in revenues and also have an online marketplace or exchange.
Under the plan, such companies would have to meet a standard of “fair, reasonable and non-discriminatory dealing with users” and would not be allowed to share data with other firms.
Observers claim that the plan is not workable and would face myriad obstacles in Congress and the courts.
Warren argued in a post on the blog platform Medium that the big tech companies have risen to dominance, in part, by buying up potential competitors.
“They’ve bulldozed competition, used our private information for profit, and tilted the playing field against everyone else. And in the process, they have hurt small businesses and stifled innovation,” she wrote.
The post was published ahead of her appearance Friday evening in Long Island City, Queens, where Amazon was to build its HQ2 campus until it pulled out.
Warren said she would appoint regulators to untangle “anti-competitive” mergers, including Facebook’s acquisition of WhatsApp and Instagram, Amazon’s acquisition of Whole Foods and Zappos, and Google’s acquisition of Waze, Nest and DoubleClick.
NetChoice, an e-commerce trade group whose members include Facebook and Google, said Warren’s plan would lead to higher prices.
“Senator Warren is wrong in her assertion that tech markets lack competition. Never before have consumers and workers had more access to goods, services and opportunities online,” said Carl Szabo, NetChoice vice president and general counsel.
Tech companies are some of the biggest political donors.