Senator Elizabeth Warren vowed on Friday to break up Amazon.com Inc, Alphabet In...
- Senator Elizabeth Warren vowed on Friday to break up Amazon.com Inc, Alphabet Inc’s Google and Facebook Inc if elected U.S. president to promote competition in the tech sector.
Investors shrugged off her comments, with shares in the three companies barely affected. If she were elected, such a proposal would face multiple obstacles in Congress and the courts. Warren said that she would nominate regulators who would unwind acquisitions such as Facebook’s deals for WhatsApp and Instagram, Amazon’s deals for Whole Foods and Zappos, and Google’s purchases of Waze, Nest and DoubleClick.
The tech companies have come under fire because of their role in rapidly displacing existing businesses. Amazon has replaced brick and mortar stores and has been criticized for its poorly-paid warehouse workers. Public Knowledge, a tech policy group, called Warren’s plan a step toward protecting the next generation of businesses but stopped short of a full-throated support for breaking up the tech giants.
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