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Warren vows to break up big tech if president

Credit: Reuters Studio
Published on March 8, 2019 - Duration: 01:25s

Warren vows to break up big tech if president

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.

Jane Lanhee Lee reports.

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Warren vows to break up big tech if president

The heat is on Big tech like Amazon, Google, and Facebook again - this time with U.S. presidential hopeful Senator Elizabeth Warren vowing to break them up if she's elected president.

Warren, who is seeking to stand out in a Democratic field crowded with progressives vying to take on President Donald Trump in the 20-20 election, said in a blog post Friday - that on their way to the top, the companies QUOTE "bulldozed competition, used our private information for profit, and tilted the playing field against everyone else.

And in the process, they have hurt small businesses and stifled innovation." Amazon, Google parent Alphabet, and Facebook were all down slightly on Friday midday trading.

Warren said 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.

But NetChoice, an e-commerce trade group whose members include Facebook and other online companies, said Warren's plan would lead to higher prices for Americans.

And The Competitive Enterprise Institute, a think tank that promotes free markets, called Warren's plan a QUOTE "doomed regulatory experiment." Warren made her political mark by going after big banks and has been an outspoken critic of companies she claims are getting richer at the expense of working American.

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