“It’s time to get back to our roots and break down” Big Tech to “oxygenate the market,” says New York marketing professor Scott Galloway.
“The market is beginning to collectively recognize that when all the loot is concentrated among a dwindling number of businesses, it means an unhealthy ecosystem and an unhealthy economy,” Galloway told On Finance.
AAPL) and Facebook (FB) touched the new highs, while Amazon (AMZN) increased by more than 4% after the lags despite the ongoing pandemic. “data-reactid =” 14 “> On Friday, shares of Apple (AAPL) and Facebook (FB) hit new highs, while Amazon (AMZN) rose more than 4% after the quarter-on-quarter, despite the ongoing pandemic.
Amazon recorded a record profit when people bought home during the COVID-19 outbreak.
“The first takeoff is that it’s great to be an unregulated monopoly in a pandemic,” Galloway said.
T) Twitter (TWTR) and Pinterest (PINS), “Said Galloway.” Data-reactid = “21”> “These companies in the first 15 minutes posted the market close yesterday, posted a profit announcement. They added the value of AT&T (T) Twitter (TWTR) and Pinterest (PINS)” , said Galloway.
“And yet, according to Mark Zuckerberg, there are competitors attacking him from everywhere,” he added.
GOOGL) testified before lawmakers during a 5-hour antitrust hearing“data-reactid =” 23 “> The result of the jaw drop came a day after CEOs of Amazon, Apple, Facebook and Alphabet (GOOGL) testified before lawmakers during a 5-hour antitrust hearing .
explained why the social media platform is not an illegal monopolyand really behind their competition. “data-reactid =” 24 “> Mark Zuckerberg, CEO of Facebook, explained why the social media platform is not an illegal monopoly and actually behind its competition.
“After seeing the audiences I thought about again, this is the beginning of the end of great technology as we know it,” Galloway said.
“And I think we have to move from a concept of believing it’s a kind of punishment or that they’ve done something wrong,” he added.
“I think America has a proud legacy of trust when a company is so powerful that it starts reducing the oxygen of one sector and the rest of the economy. We go in and oxygenate the economy by breaking that company,” he said. .
“By the way, as a shareholder of Amazon and Apple, I think the value of my shares increases once they announce that they are broken,” he said. “I think AWS will be the most valuable company in the world as an independent company in 3-4 years.”
Amazon Web Services, the e-commerce giant’s cloud business, grew 29% year-over-year.
“I think this is the beginning of the end, even if Trump is re-elected. I think there will be some action if Biden is elected, that he will go faster. But we have a lot out there that … oxygenate the market.”
@ines_ferre“data-reactid =” 45 “>Ines covers the U.S. stock market. Follow her on Twitter at @ines_ferre
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