Should Big Tech be broken up?

The dominance of the big four technology giants has attracted the attention of politicians determined to humble them. But what real harm are they doing?

Mark Zuckerberg testifies before the House Judiciary Subcommittee © GRAEME JENNINGS/POOL/AFP via Getty Images
A combative, and high tech, hearing
(Image credit: © GRAEME JENNINGS/POOL/AFP via Getty Images)

What has happened?

The question of breaking up Big Tech is back on the agenda following last week’s grilling of Silicon Valley’s top bosses (via video link, appropriately enough) by US politicians. David Cicilline, the Democrat chairman of the House Judiciary Committee’s antitrust subcommittee, kicked off the hearing on “Online Platforms and Market Power” with the assertion that: “Our founders would not bow before a king. Nor should we bow before the emperors of the online economy”. That set the combative tone for several hours of sharp questioning of Jeff Bezos of Amazon (see also page 21), Tim Cook of Apple, Sundar Pichai of Google and Mark Zuckerberg (pictured) of Facebook, whose four companies have a combined market capitalisation of around $5trn – roughly equivalent to the GDP of Japan. Republicans focused on the alleged stifling of conservative viewpoints on social media; Democrats focused on anti-competitive practices by the “cyber barons”.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Simon Wilson’s first career was in book publishing, as an economics editor at Routledge, and as a publisher of non-fiction at Random House, specialising in popular business and management books. While there, he published Customers.com, a bestselling classic of the early days of e-commerce, and The Money or Your Life: Reuniting Work and Joy, an inspirational book that helped inspire its publisher towards a post-corporate, portfolio life.   

Since 2001, he has been a writer for MoneyWeek, a financial copywriter, and a long-time contributing editor at The Week. Simon also works as an actor and corporate trainer; current and past clients include investment banks, the Bank of England, the UK government, several Magic Circle law firms and all of the Big Four accountancy firms. He has a degree in languages (German and Spanish) and social and political sciences from the University of Cambridge.