The unprecedented growth in size and revenue have made some corporations the largest in the world. The combined market cap of Google, Amazon, Facebook, and Apple is more than 4 trillion dollars. Only three countries have a higher GDP than the combined market share of these four big tech companies. This has allowed these corporations to buy any potential rivals, indulge in unfair practices, and abuse their market positions to get undue advantage in whichever domain they want. This, in return, stifles innovation, harms consumer welfare, and raises inequality within the society. Therefore, it is necessary that the very size that gives these #bigtechcompanies an edge must be reduced by breaking up these large firms so that we get a level playing field.
Google owns more than 90% of the global search market. Similarly, it also owns a video streaming platform, YouTube, and the most widely used email service, Gmail. This search engine is also found in many places spreading specific propaganda to its users by manipulating the search algorithm accordingly. Similarly, Facebook has more than 2 billion users, making it the largest social media app globally. It has also bought Instagram and WhatsApp to take out potential rivals and to further strengthen its monopoly in the market. Facebook is the home of most of the fake news of the world. Together, these two companies own nearly 60% of online advertising. Breaking these companies into smaller entities will help reduce online propaganda.
Companies like Amazon and Apple that offer consumer products have the same kind of dominance. Amazon Web Services (AWS), a subsidiary of Amazon, is one of the most profitable companies in the world. The profit generated through this subsidiary is then used to fund the e-commerce sector of the business. This allows it to take losses on products when other companies are unable to do so. This helps them destroy any potential rivals as early as possible. Similarly, Apple also uses its dominance in software and hardware to lock people into its own ecosystem, thereby making it hard for its users to have flexibility.
These big tech companies are also shaping the narrative of the world. They can easily filter out the things that they do not want to show to the masses. Today, netizens really do not have any choice over the content they consume. This way, these companies keep the minds of the world in their hands. This helps them control the behaviors and the patterns of the lives of the people. As these companies stifle free speech and prioritize their own products, it is time lawmakers make a move on these companies for violating antitrust laws.
Senator Ted Cruz of Texas has said that “Silicon Valley censorship is the biggest threat to Democracy.” Without any viable alternative, many people cannot leave these platforms because there is no sizable competitor. If somehow Congress successfully breaks these companies into smaller parts, they will lose the grip on the minds of the people, which will give people a fair choice of what to see and what to ignore on the internet.
Therefore, given all the threats these big tech companies pose to the economy, democracy, and the social fabric of society, it is reasonable to break up these companies. Unwinding Instagram and WhatsApp from Facebook, YouTube, and Gmail from Google, AWS from Amazon, and App Store from Apple will create a healthy environment. Users, if suppressed from one platform, can migrate towards another where they have more flexibility. In a competitive environment, companies will be incentivized to improve their services to retain users and increase their profits. Hence, the ultimate winner in breaking up the monopolies of these big tech companies will be the consumers and society at large.
