July 29, 2020
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0:49Now PlayingFour Big Tech CEOs - Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Sundar Pichai of Google and Tim Cook of Apple - are testifying on their companies’ practices before Congress as a House panel caps its yearlong investigation of market dominance in the industry.
Their industry has transformed society, linked people around the globe, mined and commercialized users’ personal data, and infuriated critics on both the left and right over speech.
Critics question whether the companies, grown increasingly powerful after gobbling up scores of rivals, stifle competition and innovation, raise prices for consumers and pose a danger to society.
The four CEOs are speaking remotely for a hearing of the House Judiciary subcommittee on antitrust.
A key question: whether existing competition policies and century-old antitrust laws are adequate for overseeing the tech giants, or if new legislation and enforcement funding is needed.
While forced breakups may appear unlikely, the wide scrutiny of Big Tech points toward possible new restrictions on its power.
The companies face legal and political offensives on multiplying fronts, from Congress, the Trump administration, federal and state regulators and European watchdogs.
The Justice Department and the Federal Trade Commission have been investigating the four companies’ practices.
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