Big Tech faces bipartisan antitrust threat – Investors’ Chronicle – Investors Chronicle

Big Tech exists because the companies that make up this refined group built the best products in their fields. There were social media networks before Facebook, known now as Meta Platforms (US:FB), search engines before Google, now under the Alphabet (US:GOOGL) umbrella, phones before Apple (US:AAPL) created the iPhone, and e-commerce before Amazon (US:AMZN). At the time of these products’ creation no one had a problem. Capitalism creates winners and they were the winners. The issue now is that dominance of one specific product has enabled monopoly rents like the in other markets, like Apple taking a 30 per cent cut of the price of every application sold in its app store.

Google has 93 per cent of the search engine market and subsequently dominates every layer of the digital advertising stack – which drives up the cost of advertising for every business that operates online.

This is an issue and governments in the US and Europe are finally cottoning on to, and are readying…

Read Full Story: https://www.investorschronicle.co.uk/news/2022/06/10/big-tech-faces-bipartisan-antitrust-threat/

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