Lawmakers on the House judiciary committee Wednesday accused four technology giants of being monopolies that have "wielded their power in disruptive, harmful ways."
The representatives made the comments during a hearing on digital antitrust issues. Four CEOs --
Subcommittee Chairman Rep.
Cicilline said the power the four companies have threatens competition and
"Any single action by one of these companies can affect hundreds of millions of us in profound and lasting ways," he said. "Simply put: They have too much power."
Cicilline also accused
"I disagree with this characterization," Pichai said.
Zuckerberg defended
"Rather than compete with it,
Zuckerberg, though, said Instagram had several competitors at the time of
"The acquisition has done wildly well not just because of the founders' talent, but because we invested heavily in building up the infrastructure and promoting it," he said. "And I think that this has been an American success story."
Rep.
"The way the net was put together, in the eyes of
Rep.
"I'll just cut to the chase, Big Tech's out to get conservatives," he said.
The Wall Street Journal reported in April that
In a
In his opening statement, released in advance, Bezos said his company regularly fights "large, established players" for a share of the
"We also face new competition from the likes of Shopify and Instacart -- companies that enable traditionally physical stores to put up a full online store almost instantaneously and to deliver products directly to customers in new and innovative ways -- and a growing list of omnichannel business models.
"The range of retail competitors and related services is constantly changing, and the only real constant in retail is customers' desire for lower prices, better selection and convenience."
In his prepared testimony, Zuckerberg said
"We face intense competition globally and we only succeed when we build things people find valuable," he said.
"We compete against the companies appearing at this hearing, plus many others that sell advertising and connect people. We also compete globally, including against companies that have access to markets that we aren't in.
"Our story would not have been possible without
Cook, who took over at
"As much as we believe the iPhone provides the best user experience, we know it is far from the only choice available to consumers," he said in his prepared remarks. "The smartphone market is fiercely competitive.
"
Pichai said in his testimony that
"Because of our tools, businesses on
"We know
Pichai said that greater competition breeds greater privacy and security.
"
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