‘Competition could render us obsolete’
The Chief Executives of Amazon, Apple, Facebook, Google have robustly defended their companies’ practices to a Congress antitrust hearing, claiming that they operate in markets which are already highly competitive, reports Reuters. Sundar Pichai said that ‘Google’s continued success is not guaranteed’, while Apple’s Tim Cook claimed that the company ‘does not have a dominant market share in any market where we do business’. Jeff Bezos pointed out that Amazon occupies a small share of the overall retail marker, while Mark Zuckerberg said that Facebook’s ownership had enabled WhatsApp and Instagram to grow. However he renewed calls for regulation in areas like harmful content, says the news site.