Perhaps years of unchecked power have led to tech-giants abusing their power and influence within their industry for company gain.
We are once again in the age of large-cap companies being busted for harmful behaviors.
In late 2020, Mark Zuckerberg and Facebook came under fire for potentially selling out information of users to advertising companies. TikTok is currently under investigation for doing the same, except with children’s information.
The company stands to lose billions.
User information is now a topic of contention, as most people using social media apps are unaware of these practices by large-scale companies.
In fact, large-scale companies, in general, are being checked for their power. Jack Ma and his Ant Group were publicly crucified earlier in the year for harmful monopolistic practices. Large-cap Chinese companies need to tread lightly in order to balance expansion and being in the good grace of the government.
US tech giants face the same situation. Google has just been sued for manipulating search results in favor of better advertising sellers. We could see many large companies reconsidering their approach to information infringement and better protecting users’ information.