U.S. lawmakers accuse Big Tech of crushing rivals to boost profits

Google and Facebook took particularly sharp jabs for alleged abuse of their market power from Democrats and Republicans on Wednesday in a much-anticipated congressional h e a r i n g https://www.youtube.com/watch?v= WBFDQvIrWYM&feature=emb_lo go that put four of America’s most prominent tech CEOs in the hot seat.

The chairman of the U.S. House of Representatives antitrust panel holding the hearing said afterwards that the four CEOs had acknowledged concerning behavior.

“What we heard from witnesses at the hearing confirmed the evidence that we have collected over the last year,” Representative David Cicilline, a Democrat, told Reuters.

Facebook Inc’s Mark Zuckerberg, Amazon.com Inc’s Jeff Bezos, Google owner Alphabet Inc’s Sundar Pichai and Apple Inc’s Tim Cook whose companies have a combined market value of about $5 trillion parried a range of accusations that they crippled smaller rivals in their quest for market share.

The videoconference hearing was the first time the four CEOs have appeared together before lawmakers.

Though it was Bezos’ first congressional testimony, he appeared the least fazed. Cook drew fewer barbed questions than Bezos and handled them efficiently. Zuckerberg suffered the most damage, stumbling at times when confronted with internal emails.

Pichai, CEO of both Alphabet and Google, took the most heat from conservatives on the panel and looked the worse for it, as he repeatedly told lawmakers he would be happy to look into various situations and get back to them.