All technology-based companies that have a market cap of more than $100 billion have been barred from conducting merger and acquisition deals in near future. The Bill that is being proposed by Josh Hawley of republican party will block any acquisition deals that are being remitted by companies such as Google, Facebook, Amazon, Twitter, SalesForce and Microsoft till this year end.
Terming the action as a Monopolistic conduct, all the above stated companies that have a market cap of $58 billion are having the potential to override the voice of the populace by showing their financial power, said the Missouri based senator via Twitter.
Therefore, as per the latest bill that is still in discussion, the Federal Trade Commission will be induced with more power to investigate all such large tech firm deals and will also may reject them with little elucidation.
From the day Joe Biden took over as a president, Democrats are ruling the white house and so this Republican bill might not go far in the Senate as it has two different narrations from each side of the aisle.
However, other law-makers such as Amy Klobuchar of Democratic Party likes to support this bill as it curbs big tech companies from showing their monopolistic power.
The companies that face prosecution and loose anti-trust lawsuits will have to forgo all the profits gained through their monopolistic approach as it was done because of heavy business competition throwing basic consumer rights into air.
