(The chart above might help put the companies’ revenue into perspective.)
Cicilline says: “Amazon runs the largest online marketplace in America, capturing 70pc of all online marketplace sales. It operates across a vast array of businesses from cloud computing and movie production to transportation logistics and small business lending. Amazon’s market valuation recently hit $1.5 trillion, more than that of Walmart, Target, SalesForce, IBM, eBay, and Etsy combined.
“Apple is a dominant provider of smartphones, with more than 100 million iPhone users in the United States alone. In addition to hardware, Apple sells services and apps, including financial services, media, and games.
“Facebook is the world’s largest provider of social networking services, with a business model that sells digital ads. Despite a litany of privacy scandals and record-breaking fines, Facebook continues to enjoy booming profits – $18 billion last year alone.
“Lastly, Google is the world’s largest online search engine, capturing more than 90pc of searches online. It controls key technologies in digital ad markets and enjoys more than a billion users across six products—including browsers, smartphones, and digital maps.”