The heads of Silicon Valley's largest companies вЂ” Amazon, Apple, Facebook, and Google вЂ” agreed to attend congressional hearings to testify, foreign media reported. This will be the first time in history that they come together in front of American lawmakers. However, given the situation with coronavirus, it is likely that the meeting will be held online.
CEOs of the four largest IT companies will attend US Congress hearings this month to testify on antitrust investigations, CNBC reports. We are talking about Mark Zuckerberg (Facebook), Tim Cook (Apple), Sundar Pichai (Google), and Jeff Bezos (Amazon).
The participation of businessmen was confirmed by the speaker of the Judicial Committee of the House of Representatives, Shadon Reddick-Smith. According to her, the exact date of the hearing has not yet been announced. In addition, the event is likely to take place online due to the coronavirus pandemic.
This will be the first time that Zuckerberg, Cook, Pichai, and Bezos get together in Congress. The hearings they will be attending will be devoted to allegations of monopolism against their companies, as well as abuse of power in the industry.
Antitrust investigations are underway against companies invited to hearings in the United States, but legislators have different complaints about them.
So, Amazon is accused of using its online platform to promote its own products, infringing on the rights of other sellers.
For several years, Google has been credited with running a dishonest advertising business.
Apple hinders the development of independent application developers by setting a high tax on the App Store.
Facebook is charged with acquiring many smaller companies that Zuckerberg needs to create a large corporation.
It is possible that during the meeting other issues will be touched upon, for example, AmazonвЂ™s attitude towards warehouse employees or the spread of misinformation in YouTubeвЂ™s video hosting owned by Google.
Apple, Amazon, Google, and Facebook are among the five largest technology companies with the highest market value.
The fifth company is Microsoft, which over the past few years has not been involved in scandals and investigations related to monopolization and market capture in the United States, so the presence of its leader in Congress is not required.
It is worth noting that the regulators' claims to the American IT giants are not only in their homeland but also in Europe.
In mid-June, it became known that the European Commission launched two antitrust investigations against Apple - it has questions about the work of the App Store and Apple Pay. In addition, an investigation was launched against Amazon due to unfair competition. European authorities believe that Amazon is abusing information about other sellers on the platform, to which the IT giant has free access. As a result, a company can more profitably promote its own products, having an unfair advantage over others. It is reported that if a fine of up to 10% of annual revenue is imposed on Jeff BezosвЂ™s company, it will be about $ 19 billion, which is a significant amount even for Amazon.