Sen. Warren says Apple, Google and Amazon have too much power
The multibillion dollar purchases have been pitched to Wall Street and the US government as large companies expanding into new business. But Sen. Elizabeth Warren, the high-profile former Harvard professor who helped to establish the Consumer Financial Protection Bureau, said acquisitions like them have hurt competition in the US, reducing innovation and leading to higher prices.
"Ms. Warren voiced potential concern about three major tech companies--Alphabet Inc.'s Google, Apple Inc. and Amazon.com Inc.--because they control essential tech platforms that other, smaller companies depend upon for survival," The Wall Street Journal reported from an event Warren was speaking at Wednesday.
Apple and Amazon did not immediately respond to a request for comment. Google declined to comment.
"They deserve to be highly profitable and highly successful," Warren said, according to the Journal. "But the opportunity to compete must remain open for new entrants and smaller competitors who want their chance to change the world."
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