Hong Kong (CNN Business) The world’s biggest tech companies faced a global reckoning in 2020 as the United States, the European Union and even China took dramatic steps to curb their dominance. That pressure won’t be going away in the new year. Dozens of US states and the federal government sued Facebook ( FB ) and Google ( GOOGL ) over claims that the companies engaged in anticompetitive behavior that tightened their grip on the online marketplace. Europe, meanwhile, recently unveiled legislation that would give regulators sweeping new power to take on those American tech companies. The antitrust lawsuits against Google just keep coming The regulatory fervor has also spread to China. Officials last week announced an antitrust investigation into Jack Ma’s Alibaba ( BABA ) , and turned up the heat on the company’s financial affiliate Ant Group less than two months after blocking its blockbuster stock market debut at the last minute. While many of these developments have unfolded at a rapid pace in recent weeks, the desire to rein in Big Tech is not new. For years, governments have been grappling with the massive amount of influence these companies have over the online economy and the flow… Read full this story
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