Joe Simmons said he knew it would be challenging and difficult to split up these big technology companies. "however, if this is the way to restore healthy competition in the market, I would be willing to do so." Joe Simmons stressed.
"Although this is not ideal, if you have to do this, then I will do it," he said.
Joe Simmons stressed that many large companies create market monopolies by acquiring competitors. In particular, he cited Facebook's acquisition of Instagram, Google's acquisition of Waze, Amazon's acquisition of Diapers.com.
In practice, how to split up? Joe Simmons said FTC needed to admit that "we have made mistakes" and then ask the judiciary to pass such a resolution to spin off the big companies.
According to reports, the US Department of Justice and the FTC have anti-monopoly enforcement powers. Recently, the two sides have launched investigations on monopolistic concerns such as large-scale online platforms and social media, including Facebook, Google, and Amazon.appleBoth face new regulatory risks, and if this spin-off proposal comes true, it will further pressure the large technology companies.
FTC did not comment on Joe Simmons' conversation for the time being, the report said.