New antitrust legislation would check the power of tech giants


Arguably the biggest problem with big tech. Is you know the bigness. A few giant companies gobble up their competition owned the digital advertising and web hosting markets control the information ecosystem and sometimes control the distribution of their own competition so far though these worries haven't led to regulation now democratic senator amy klobuchar who leads the senate subcommittee on antitrust introduced a bill intended to check the power of tech. Giant's it focuses mostly on acquisitions to prevent huge companies from buying potential competitors and it would force companies that control more fifty percent of a single market to prove that an acquisition would not reduce competition. Here's senator club shar. We all know that misinformation has been rampant on social media and it is greatly. Set us back. But there's another much more insidious problem and that is that any company that was starting to come and do cool things got bought and i think maybe you could look at this legislation as basically a reply to mark zuckerberg's email when he said about they're looking at what's happened instagram. These businesses are nascent but the networks established. The brands are already meaningful. And get this. And if they grow to a large scale they could be very disruptive to us. Google has ninety percent market share. Right now they are literally taking on a government of a major country in australia when the prime minister says hey we're gonna start making you guys pay for content and they say back. No you're not we're going to withdraw from your market and you'll have no search engine and a big part of this. It sounds like is funding these agencies right making sure that the ftc which is charged with a lot of this actually has some teeth exactly and of a numbers can't lie the ftc in nineteen eighty at one thousand seven hundred nineteen employees by twenty eighteen down to one thousand one hundred two. You cannot take on the biggest companies. The world has ever known trillion dollar companies with bandaids and duct tape. And that's why senator grassley has join me on a portion of this bill to up the fees on megamerger so we can put in over one hundred million dollars to each agency so they can actually do their job and this isn't just about tech. There's only to cat food. Companies that control most of the market. There's only two online travel agencies. You think you're getting all their choices. Go look at. Who owns them. And as john oliver closed in a segment on his. And if this all makes you wanna die good luck. Because the casket market is controlled by three companies which actually sadly no one purchase the other. It's down to

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