Tag: big tech

FTC Says Firm Uses 'Illegal Monopoly' Practices To Inflate Prices, Cheapen Products And Stifle Innovation Amazon.com corporate headquarters in Seattle, Washington. September 26, 2023—The U.S. government came out swinging hard today against one of the world's largest tech companies. In a lawsuit filed today, the Federal Trade Commission and 17 state attorney generals accuse Amazon.com ofusing illegal strategies to "inflate prices, degrade quality, and stifle innovation for consumers and businesses." Massive Lawsuit It's an extensive lawsuit in its scope of accusations of monopolistic power. "With its amassed power across both the online superstore market and online marketplace services market, Amazon extracts enormous monopoly rents from everyone within its reach," the FTC s...

March 1, 2023—Government officials in the United States, Canada, and the European Union are investigating potential data harvesting by the video-sharing app TikTok, which is owned by Chinese firm ByteDance. The governments in those countries and the broader EU banned staff from having the app on devices. This week the European Parliament followed recent actions by the European Commission and the EU Council to ban TikTok from government devices. Furthermore, the parliament "strongly recommended" to lawmakers and staff to remove the app from their personal devices, according to reporting by Reuters. On Monday, the Canadian government adopted similar restrictions. Biden Executive Order Going Into Effect President Joe Biden strengthened and replaced an executive order by former Pre...

July 10, 2019--Online retail giant Amazon.com reached new heights today as its stock rose above 2,000 on the NASDAQ stock exchange. Just a week before company executives are scheduled to appear before a congressional committee investigating the dominance of top tech companies, the stock price reached a new high, reflecting the company's massive scale. The mile-marker in the company's stock price came amid peaks U.S. equities after Federal Reserve chairman Jerome Powell suggested the Fed might cut interest rates. It also comes as tech giants enter the field of finance, posing new risks to consumers, traditional banks and financial markets. Amazon Stock: From $324 in 2014 to $2,024 Today Amazon Sales & Revenue Though Amazon does not pay a dividend and is priced at ...