By ET Bureau - September 04, 2019 1 Mins Read
The Senate’s antitrust panel plan to discuss concerns that tech giants such as Google or Amazon, seek to buy smaller rivals to head off competition. Senators Mike Lee and Amy Klobuchar, the chairperson and top Democrat on the Judiciary Committee’s antitrust panel, have scheduled the discussion for Sept. 24.
“The Subcommittee also is interested in soliciting inputs from policy analysts, market participants, and other stakeholders on whether legislative action relating to such mergers is needed to ensure digital markets remain competitive,” Lee said in a statement. Klobuchar said, “Big technology companies have become some of the most powerful organizations in the world. They face little competition and there are numerous examples of the companies purchasing start-up competitors in various lines of business.” The tech giants, among the most rich and powerful companies in the world, are facing increasingly intense antitrust scrutiny.
The investigation is believed to be aimed at Alphabet Inc, Amazon.com Inc and Facebook Inc, and potentially Apple Inc. The companies are believed to have had acquisitions that have raised serious competition issues. Separately, the FTC is also probing Amazon and Facebook to determine if they abused their massive market power.
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