Members of the subcommittee have for more than a year been looking into whether the four tech giants stifle competition and harm consumers. In that time, the subcommittee has gathered more than 1.3 million documents from the companies, competitors and antitrust enforcement agencies. Here's what the bosses of Amazon, Facebook, Apple and Google have to say.
Amazon
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Amazon's Bezos says there's room in retail for multiple...
It's clear he was framing his company's origin story as one that epitomizes the American dream. However, while for many people that dream is a house and a stable job, Bezos grew his company into the world's biggest online retailer. He's now the world's richest person, worth about $180 billion.
As Amazon and the other tech giants have done when defending themselves against monopoly concerns, Bezos hits on job creation, its investments in the US and competition.
On job creation, he said Amazon now employs 1 million people. He added that many of those jobs in the US can't be outsourced since they are needed in local communities to pack and ship products to customers. "The trust customers put in us every day," he wrote, "has allowed Amazon to create more jobs in the United States over the past decade than any other company -- hundreds of thousands of jobs across 42 states."
On US investments, he said Amazon has invested more than $270 billion in the US over the last decade.
And on competition, he said his company is just a tiny player in global retail, accounting for less than 1% of the global retail industry and less than 4% of the US market. These figures belie the fact that Amazon is the dominant player, by far, in US online sales, accounting for 38% of the market.
While taking pains to identify his competition -- including Walmart, Target and Alibaba and cast Amazon as relatively small in the context of the greater retail world -- Bezos offered a defense of big companies, saying only large organizations can handle some of the complexities that come with business. "I don't care how good an entrepreneur you are," he wrote, "you're not going to build an all-fiber Boeing 787 in your garage."
Bezos also went out of his way to highlight how Amazon is a force for good, pushing its Climate Pledge, encouraging other retailers to raise their minimum wage and starting the Amazon Future Engineer youth program.
The letter is sprinkled with many Bezosisms, phrases and concepts he often peppers in his remarks, including Amazon's obsession with customers, how he lives his life trying to minimize his regrets and his push for big risks to get big rewards.
He added a Bezosism he often employs when defending his company: "I believe Amazon should be scrutinized. We should scrutinize all large institutions, whether they're companies, government agencies, or non-profits. Our responsibility is to make sure we pass such scrutiny with flying colors."
Zuckerberg said in his five-page prepared remarks the company faces "intense competition globally." Some of Facebook's competitors include TikTok, which is owned by Chinese tech company ByteDance, and US social media apps such as Twitter and Snapchat. Zuckerberg said Facebook competes with Apple, Amazon and Alphabet, which owns Google and YouTube.
"We believe in values -- democracy, competition, inclusion and weekly planner pdf free expression -- that the American economy was built on. Many other tech companies share these values, but there's no guarantee our values will win out," Zuckerberg said in his prepared remarks. "For example, China is building its own version of the internet focused on very different ideas, and they are exporting their vision to other countries."
Zuckerberg said he supports "strong and consistent competition" policy that ensures a level "playing field." Facebook has also created new products in response to competition, contributes to the open-source community and creates new tools that help nonprofits, people check if their loved ones are safe during a natural disaster, and addresses[url=]The New York Times about the threat to democracy posed by the social network's growing power. The company has faced several scandals, including over data privacy and election meddling. Facebook owns popular photo-service Instagram and messaging app WhatsApp. Hughes and other critics want Facebook to spin off Instagram and WhatsApp, allowing the services to compete as separate businesses.
Facebook is facing several antitrust probes, including from the Federal Trade Commission, the US Department of Justice, the House antitrust committee and a group of state attorneys general. The FTC is reportedly looking into whether Facebook's acquisitions were part of the social media giant's strategy to stifle competition, reported. The FTC has declined to comment on their investigation.
"I've long believed that the nature of our industry is that someday a product will replace Facebook," he said. "I want us to be the ones that build it, because if we don't, someone else will."
Cook says the iPhone and competing smartphone Samsung, LG and others altered the tech industry, but he argues that Apple doesn't have a dominant market share in any of the industries in which it competes.
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