![]() Moreover, as the value of these tech giants has surged during the Covid-19 pandemic, the wealth of their major shareholders have risen to scarcely believable levels. For instance, the “Big Five” – Facebook, Apple, Amazon, Microsoft, Google – represent more than 20% of the market cap of the S&P 500 and companies like Uber, Lyft, Airbnb, and Paypal are all worth tens of billions of dollars. Just weeks later, the European Commission formally accused Amazon of breaking EU antitrust rules by distorting competition in online retail markets.Īt this point, it is relatively uncontroversial to point out that “Big Tech” giants like Google and Amazon increasingly dominate our economies and wield tremendous influence over our culture, social interactions, and political systems. search market and its parent company, Alphabet, now one of the largest and most valuable companies in history, the move is likely long-overdue. ![]() With Google controlling more than an 87% share of the U.S. On Tuesday October 20th 2020, the US Department of Justice filed an antitrust action against Google, the first step in what might be one of the biggest anti-monopoly cases of this century.
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