The staff found, after a 16-month investigation into competitive practices atApple,Amazon,FacebookandGoogle, that the four businesses enjoy monopoly power that needs to be reined in by Congress and enforcers.
In a nearly 450-page report, the Democratic majority staff laid out their takeaways from hearings, interviews and the 1.3 million documents they scoured throughout the investigation. They conclude that the four Big Tech companies enjoy monopoly power and suggest Congress take up changes to antitrust laws that could result in parts of their businesses being separated.You canread the full report here.
Ken Buck, R-Colo., a key ally of the subcommittee majority who has been in favor of antitrust reform, hasprepared his own responseto the report outlining areas of common ground and non-starters, according to a draft version obtained by CNBC.
Buckstressed in his own response, however, that he is supportive of the investigation and its findings and continues to push for bipartisan antitrust reform.
A GOP spokesperson confirmed to CNBC that Judiciary Committee Ranking Member Jim Jordan, R-Ohio, plans to release his own response about allegations of platforms bias against conservatives, which the companies have repeatedly denied.Axiosfirst reported the news of Jordans planned response.
One surprising finding in the course of the investigation had to do with Facebooks acquisition of Instagram, according to a counsel for the antitrust subcommittee who spoke with reporters Tuesday.
While there is no way to reverse engineer what would have happened to Instagram were it to remain independent, the question of whether Facebook bought Instagram to squander a growing competitor has been a recurring one for many antitrust observers.
This flawed thinking would have the primary effect of forcing millions of independent retailers out of online stores, thereby depriving these small businesses of one of the fastest and most profitable ways available to reach customers.Original article