All three CEOs also took the time to address antitrust concerns that their companies are far too dominant. For example, Bezos pointed out that Amazon has competition from the likes of Walmart, Target and Costco that offer curbside pickup, which he says gives them a certain advantage. Like Bezos, Pichai made the claim that Google has plenty of rivals in the form of Alexa, Twitter, Instagram, Whatsapp and Pinterest among others. Cook said that while the iPhone is a “revolutionary” product, it also faces plenty of stiff competition from the likes of Samsung, LG, Huawei and Google. Though Zuckerberg didn’t name-check any rivals in particular, he did say that Facebook faces “significant” global competition, including from the other “companies appearing at this hearing.”
The primary concern of this big antitrust hearing is that the tech giants are suppressing competition. House Judiciary Committee Chairman Jerrold Nadler and Antitrust Subcommittee Chairman David Cicilline said thusly:
“Since last June, the Subcommittee has been investigating the dominance of a small number of digital platforms and the adequacy of existing antitrust laws and enforcement. Given the central role these corporations play in the lives of the American people, it is critical that their CEOs are forthcoming. As we have said from the start, their testimony is essential for us to complete this investigation.”
You can read their full opening statements here. The testimonies will take place tomorrow via video conference, and will be livestreamed on YouTube.
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