A U.S. House of Representatives panel in its report said Facebook, Apple, Google and Amazon used “killer acquisitions” to smite rivals and forced small businesses into “oppressive” contracts in the name of profit.
The 449-page report suggested expansive changes to antitrust law and recommended structural changes in tech firms.
“To put it simply, companies that once were scrappy, underdog startups that challenged the status quo have become the kinds of monopolies we last saw in the era of oil barons and railroad tycoons,” the report said.
“We compete with a wide variety of services with millions, even billions, of people using them. Acquisitions are part of every industry, and just one way we innovate new technologies to deliver more value to people,” Facebook said.