EU drafts a ‘hit list’ to target big tech companies
The companies that are deemed powerful enough such that rival companies cannot trade without using their platform could also be added to the list.
The European Union regulators are reportedly compiling a ‘hit list' that is aimed at targeting big tech companies such as Facebook, Amazon and Google with more stringent regulations that are aimed at curbing their market power.
Sources told The Financial Express (via The Irish Times), as a part of the plan big tech companies will not only have to comply with tougher regulations compared to their smaller rivals but they will also have to share data and be more transparent on how they gather information.
The report says that the EU regulators are looking at a host of criteria such as revenue market share, number of users and dependency of other companies. The companies that are deemed powerful enough such that rival companies cannot trade without using their platform could also be added to the list.
The move is a part of the EU's efforts to force big tech companies to change their behaviour and their business practices without an investigation into whether or not they have broken any existing laws. The European Union, as per the report, is planning to go beyond seeking fines. And in extreme cases, the EU regulators are also seeking to force big tech companies to sell units if they are found to be behaving in a way that is detrimental to the rivals.
While the list is still being finalised, it could be skewed towards the Silicon Valley giants such as Amazon, Facebook, Apple and Google, a move that could add friction between Washington and Brussels.
"The internet as we know it is being destroyed…Big platforms are invasive, they pay little tax and they destroy competition. This is not the internet we wanted,” a person familiar with EU's plans told the publication.