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Tech CEOs testify to Congress at antitrust hearing.

THE STORY.

On July 29, the heads of Amazon, Apple, Facebook, and Google testified virtually in a hearing before the House Judiciary antitrust subcommittee. It was the first time all four CEOs got together (virtually) to face Congress – and Amazon CEO Jeff Bezos’s first time performing in front of the tough crowd, who didn’t go easy on him.

WHY?

The US’s top tech bosses were told they have “too much power”, are censoring political speech, spreading fake news and “killing” the engines of the American economy. According to many, their control of the marketplace allows them to do whatever it takes to crash independent businesses and expand their own power.

WHAT ARE THESE CEOs SAYING?

That they did not start out as big companies. They argued that there is still “significant competition” in the market. Jeff Bezos said that he started “in a garage” and that his business group only achieved its current size because of its continued focus on the consumer.

WHAT NOW?

The hearing could lead to new antitrust laws.

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