Commentary
You’ve probably heard of the high-flying Big Tech FAANG stocks—Facebook, Amazon, Apple, Netflix, and Google. Among the five of them, their market cap reached $6 trillion last year, which is more than the GDP of all but a small handful of entire countries. Moreover, their net worth is larger than the entire annual output of India, with more than 1 billion people.
These companies got so big and profitable so fast that politicians on the left, right, and center started accusing them of monopolistic behavior. “Break them up!” shouted Democratic Sens. Bernie Sanders and Amy Klobuchar. Some Republicans, such as Josh Hawley, endorsed the same strategy.
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