Are tech companies growing “too big to fail?” [Infographic]
Is it time to consider breaking up these companies to encourage competition in the marketplace and remove the threat of centralized power?
Recently there has been a lot of attention given to how much power big tech companies have and how much control they have over our lives. Many have been accused of stifling free speech, especially where it has to do with elections. What’s more, just five companies were responsible for a whopping 68% of GDP growth last year, leading many to ask whether these companies have grown ‘too big to fail,’ thus rendering them dangerous to the overall economy.
This year, Elizabeth Warren released a campaign ad calling for the breakup of big tech companies. When Facebook removed the ad, there was a bipartisan backlash. Worldwide, Google, Facebook, and YouTube are the three most visited websites. Because these sites are integral to our ability to communicate with each other, there is mounting support to have them classified as utilities and regulated as such.
Antitrust laws require that a company have 50% of the market share. By revenue, these companies don’t, but by the numbers of users they are far beyond that – in the case of Google, it’s 90% of Americans that use it for searches. Is it time to consider breaking up these companies to encourage competition in the marketplace and remove the threat of centralized power?
Learn more about breaking up big tech below
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