Today, big Tech Giants such as Google Facebook, Apple, Amazon has a very big effect on our lives.
Imagine if I say, all this would change in the coming future.
How do you use the internet or how you use the services from the biggest and most successful tech giants.
That’s hard to believe, right?
This will be true if the antitrust overhaul package unveiled in Congress gets a Committee vote on Wednesday.
If voted in favor, this bill will reshape the entire internet ecosystem as the break up of tech giants such as Google, Facebook, Amazon, and Apple would be a major blow for them.
With some support from Republicans, Democratic leadership,l the 5 bills are likely to get a pass in the house representative. But the same could not be said for the Senate.
Why does Congress want to update the laws now?
Before I go ahead and talk more about the US antitrust law in question, let me tell you why Congress is looking forward to the committee vote on Wednesday.
Be it the Republicans or Democrats, both share common concerns of:
How much power tech giants such as Google, Amazon, Facebook & Apple hold in the economy.
How these tech giants abuse their powers to make sure they don’t have any rivals in their dominating sector.
What Would Happen to Big Tech Giants?
Once the bill is enacted, it would be quite difficult for big tech giants to manipulate the market in the same way they do today.
For instance, Apple would have to shut down its music streaming service Apple Music to make sure it doesn’t discriminate against its direct music streaming rival Spotify.
How the New Antitrust Legislation Would Affect Big Tech Giants?
Designed to limit the excessive power in the hands of big tech giants, the 5 bills were introduced after the year-and-a-half-long investigation by the antitrust subcommittee consisting House of Representatives.
If passed, this will be a major change happening in the antitrust laws.
And according to a Democrat & Chairman of the House Antitrust Committee, “these bills would level the playing field & make sure that these big giants follow the same rules as others.
What would happen if they passed?
Antitrust law was established over 100 years ago to limit the power of steel & railroad, oil, and steel magnates.
And the recent laws regulating the big tech giants would be a historic change in over a century.
Many big tech giants manipulate the market by acquiring its competition to take it completely out of the picture. Once the new laws are passed, it would be easier for the government to keep an eye out on such companies & break up assertive partnerships.
Partnerships that are making it harder for rivals to thrive in the market. The bill would also stop the big tech giants to use their market power to enter into a new business & crush smaller competitors upon arrival.
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With all eyes set for the committee vote happening this Wednesday, huge changes are expected to happen surrounding big tech giants such as Google, Amazon, Apple, and Facebook.
With all these big tech giants coming under the scanner, I wonder how the antitrust law would reorganize the entire internet ecosystem.
What are your thoughts on this?
Do share your thoughts with me in the comments section given below.