Democratic Presidential Candidate, Elizabeth Warren made it clear that; she would take necessary steps to give back power to the smaller; yet innovative tech companies from the overpowered tech giants like Google, Facebook, Amazon etc.
Elizabeth Warren mentioned in her post that “Today’s big tech companies have too much power over our economy, our society and our democracy. They’ve bulldozed competition; used our private information for profit and tilted the playing field against everyone else. And in the process, they have hurt small businesses and stifled innovation.”
She also added in her post that “Weak antitrust enforcement has to lead to a dramatic reduction in competition and innovation in the tech sector. Venture Capitalists are not hesitant to fund new startups to compete with these big tech companies; because it’s so easy for the big companies to either snap up growing competitors or drive them out of business. The number of tech startups has slumped; there are fewer high-growth young firms typical of the tech industry; First financing rounds for tech startups has declined 200% since 2012.”
Elizabeth Warren is taking necessary moves to pass legislation which will prevent the tech giants from; “owning both the platform utility and any participants on that platform”. As a result of this legislation, Amazon’s Marketplace, Google’s Ad Exchange and Google Search are likely to be affected.
Apart from this, Warren mentioned the power of the regulators to reverse any “illegal and anti-competitive tech mergers” including Amazon’s merge with Whole Food and Zappos, Facebook’s with WhatsApp and Instagram etc.
Healthy competition can solve a lot of problems – Elizabeth Warren
Elizabeth’s post further mentioned that “The steps I’m proposing today will allow existing big tech companies to keep offering customer-friendly services while promoting competition; stimulating innovation in the tech sector, and ensuring that America continues to lead the world in producing cutting-edge tech companies. It is how we protect the future of the Internet“.
Warren Elizabeth is trying to balance the competing market, to ensure healthy competition.