Under Chairman David Cicilline, the antitrust subcommittee collected more than 1 million documents from the companies and interviewed academics, business leaders and even many of Big Tech's rivals — including some Fortune 500 companies concerned about the tech giants' power, said an attorney for the subcommittee. "These firms have too much power, and that power must be reined in and subject to appropriate oversight and enforcement," the report said. But unlike prior monopolistic industries, the subcommittee attorney said, tech companies have successfully used the data they accumulate in one area of business to gain tremendous advantages when they expand into related businesses. Google rejected the subcommittee report and many of its recommendations as the product of complaints by commercial rivals opportunistically seeking an edge. Apple said in a statement it disagreed "vehemently" with the subcommittee report, saying it does not hold a dominant marketshare with any of its business segments.

Source: CNN October 06, 2020 22:11 UTC