Amazon releases CEO Jeff Bezos' remarks ahead of antitrust hearing - Business Insider

Amazon CEO Jeff Bezos plans to tell members of Congress that the company's size is actually a good thing, and that it still faces plenty of competition, according to prepared remarks posted to an official"Just like the world needs small companies, it also needs large ones," Bezos plans to say. "There are things small companies simply can't do. I don't care how good an entrepreneur you are, you're not going to build an all-fiber Boeing 787 in your garage.

Bezos is also expected to argue that Amazon competes in a global retail industry that is "strikingly large and extraordinarily competitive," and that the company captures only captures single-digit market share in the sector. He plans to name several firms as competitors, including traditional retailers like Walmart, Target, Costco, and Kroger, as well as e-commerce companies like Shopify and Instacart.

Bezos, along with Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg, and Sundar Pichai, CEO of Google parent company Alphabet, are set to appear before the House Antitrust Subcommittee on Wednesday, where they'll faceAmazon has come under increasing scrutiny from lawmakers who say its size and market dominance allow it to unfairly prevent competition, particularly surrounding itsBezos plans to say that by opening its marketplace, Amazon instead enabled sellers to better than they could have...

He also plans to argue that Amazon's size has other benefits, such as allowing it to create jobs in the US that pay better than competitors and to use its scale to combat climate change – but that lawmakers should still look into its business practices. "I believe Amazon should be scrutinized. We should scrutinize all large institutions, whether they're companies, government agencies, or non-profits," Bezos plans to say. "Our responsibility is to make sure we pass such scrutiny with flying colors.

Congress should check how Amazon copyrighted my IP under their name. They used forged documents for that. Amazon is illegal use and unjust enrichment all those years.

Greeeeeeed!

Congress needs to stick it to him about Amazon being exempt from taxes.

Wow. That is deep.

Break them up, next the banks 🏦

he has too much power

Bezos is right, but the issue is how to protect/encourage and make competitive small businesses in order to compete with those two behemoths?

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What Amazon's Jeff Bezos should expect from the tech antitrust hearing - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Nothing will happen because he is far more powerful than any government. Probably AOC should do the questioning ! Trump doesn’t like him so there must be some good in the man.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Jeff Bezos will testify about how Amazon is the quintessential American companyThe Amazon CEO will tell lawmakers Amazon is great for small businesses, customers and its investors. How makes all the money and doesn’t give a shit about his workers? No, It's a monopoly and needs to be broken up. Oh really, made in China Besos...
Source: CNBC - 🏆 12. / 72 Read more »