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Despite theAmerican Innovation Choice Online Act andOpen App Markets Act, Alphabet, Amazon, Apple and Meta they spent at least altogether $ 32 billion in acquisitions from 2019 to today. A report published by Tech Oversight viewed by Gizmododemonstrating how the US antitrust legislation (already approved by the Justice Commission of the US Senate in the case of the Open App Markets Act) has not managed to stop the cannibalization of the market by Big Tech.
Economy and market
19 Jan
Economy and market
05 Jul
HOW MUCH THEY SPENT
At least 32 billion dollars, it was said, because, as often happens, not all financial movements emerge in their entirety. Therefore an approximate figure below, which worries the legislators who are doing everything to conclude the respective approval process before the Midterm elections to be held in November.
The Four are accused of using their dominant position to create situations of monopoly and oligopoly in order to “capture or kill competitors in the market” blocking innovation, eliminating small businesses and limiting consumer choice:
“The approval of the antitrust law is therefore urgent“, as Tech Oversight Project Director Sacha Haworth reiterates.”We need to bring the package to a vote, so we can also advance the list of legislative articles needed to protect businesses, families, children and adolescents from the companies they have abused and profited at their expense.“. And he adds:”we simply have to do more than lazily wait for Google, Apple, Facebook and Amazon to self-regulate – they never will“.
POLITICAL SLOW DOWN
Yet the American Innovation Choice Online Act and the Open App Markets Act both continue to be far from final approval, despite internal pressures in Congress and the American population (there are polls confirming concerns on the subject). A first deadline was scheduled for the summer, but nothing has been heard of it since. According to Bloombergfrom 2021 until today Meta, Apple, Amazon and Alphabet have spent $ 95 million in lobbying, with the aim of curbing the process of approving laws. On the other hand, Republicans and Democrats are afraid of exposing themselves too much to companies, thus opting for waiting.
In SOURCE you will find the document with the list of the acquisitions of the Big Four.
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