Massachusetts Democratic Senator Elizabeth Warren announced a new plan that proposes breaking up tech firms such as Facebook, Amazon, and Google.
that federal regulation of Facebook and big tech companies is"inevitable" when speaking to members of the House Energy and Commerce Committee.Think about all the time you spend on the internet — checking the news, shopping, catching up with old friends, reading emails like this one.
If you buy something online, there's a nearly 50% chance that you're going through Amazon. If you go to any website, there's more than a 70% chance that it's owned or run by Google or Facebook.Here's why tech companies with nearly unfettered power aren't a good thing: They buy potential rivals, like Facebook did with Instagram and WhatsApp, limiting innovation and choice.
This all means less competition, less innovation, and a worse internet for all of us. Think about it: If you're not happy with Facebook's privacy policy, maybe you'd like to spend your time on Instagram instead. Except, wait: Facebook owns Instagram. There's a long history in America of breaking up companies if they have too much power in the marketplace: Standard Oil, AT&T, and the railroad industry led to the bipartisan creation of our first antitrust laws.
#2 Appoint regulators who'll use existing legal tools to unwind tech mergers that illegally undermine competition. This is how we'll make sure we get more competition and more new ideas in the tech economy, instead of just a few giant tech companies calling all the shots — and regular people not having much say in the tools we use everyday.
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