Warren: Tech Giants Have `Too Much Power,' Need Breakup
Democratic presidential candidate Elizabeth Warren says the technology industry is too heavily concentrated among the biggest companies and she has a plan to address that.
The Massachusetts senator is proposing legislation targeting tech giants with annual revenue of $25 billion or more. It would limit their ability to expand and break up what she calls "anti-competitive mergers" — such as Facebook's purchase of Instagram and Amazon's acquisition of Whole Foods.
Warren says the biggest tech companies have "too much power over our economy, our society, and our democracy." She says they've "bulldozed competition, used our private information for profit, and tilted the playing field against everyone else."
She's releasing the plan before a visit to New York City, where Amazon recently scrapped a plan to open a new headquarters.