Four of the biggest tech CEOs to meet in summit tomorrow
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Four of the biggest tech CEOs to meet in summit tomorrow
Jumping Trout, LLC
(CNET, July 27, 2020) We do basically everything online. Social interaction, searching, buying, etc. - and all these companies are collecting data on us while we do it - learning out behaviors, understanding our habits.
The tech industry is not a vast market. There are only a few companies in charge of what we can see and do online. And frankly, we're concerned. Silicon Valley tech has changed the world, especially as we try to connect during the pandemic. Apple, Google, Facebook, and Amazon are the biggest companies in the market.
How much control do they have? Well, Amazon controls about 38% of all US online sales. Walmart is it's nearest competitor and controls only 6%. Facebook is the world's largest social media platform, Apple's App Store influences what apps people use, and Google processes about 90% of all searches globally.
Because of this, Congress wants to meet to discuss matters with Mark Zuckerberg, Jeff Vezos, Tim Cook and Sundar Pichai on Wednesday, July 29. The hearing will allow lawmakers to grill the CEOs all at once. They'll be discussing antitrust matters, the culmination of a year-long investigation into the market dominance of Big Tech.
This isn't a new problem. For years, the government has been fighting against monopoly tech conglomerates; like AT&T in 1984, and Microsoft in the 1990s.
Since they control the worlds largest platforms, this conversation comes at the perfect time. Americans are online to connect, work, buy, and find information. Not to mention we're on the verge of a presidential election.
In addition, each of these four companies is facing its own antitrust battle. Each CEO will have their time in the hot seat, as Congress tries to relinquish the amount of control that these companies have. Maybe this will change things, maybe not, but at least it's a step in the right direction.
Source: https://www.cnet.com/news/jeff-bezos-the-press-shy-billionaire-to-face-the-harsh-spotlight-of-congress/?fbclid=IwAR01JaI_xI-L75YuKIngYWLMvcu6KhaszecDHZxD1tbovRtSkW2g3OwZkuY
The tech industry is not a vast market. There are only a few companies in charge of what we can see and do online. And frankly, we're concerned. Silicon Valley tech has changed the world, especially as we try to connect during the pandemic. Apple, Google, Facebook, and Amazon are the biggest companies in the market.
How much control do they have? Well, Amazon controls about 38% of all US online sales. Walmart is it's nearest competitor and controls only 6%. Facebook is the world's largest social media platform, Apple's App Store influences what apps people use, and Google processes about 90% of all searches globally.
Because of this, Congress wants to meet to discuss matters with Mark Zuckerberg, Jeff Vezos, Tim Cook and Sundar Pichai on Wednesday, July 29. The hearing will allow lawmakers to grill the CEOs all at once. They'll be discussing antitrust matters, the culmination of a year-long investigation into the market dominance of Big Tech.
This isn't a new problem. For years, the government has been fighting against monopoly tech conglomerates; like AT&T in 1984, and Microsoft in the 1990s.
Since they control the worlds largest platforms, this conversation comes at the perfect time. Americans are online to connect, work, buy, and find information. Not to mention we're on the verge of a presidential election.
In addition, each of these four companies is facing its own antitrust battle. Each CEO will have their time in the hot seat, as Congress tries to relinquish the amount of control that these companies have. Maybe this will change things, maybe not, but at least it's a step in the right direction.
Source: https://www.cnet.com/news/jeff-bezos-the-press-shy-billionaire-to-face-the-harsh-spotlight-of-congress/?fbclid=IwAR01JaI_xI-L75YuKIngYWLMvcu6KhaszecDHZxD1tbovRtSkW2g3OwZkuY
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