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Jeff Bezos letter to shareholders: Pushback against regulation of Big Tech; cites third-party profits

Amazon CEO Jeff Bezos has, in a letter to shareholders, spoken at length on the benefits of the company for their partner sellers, as well as for the market at large. He cites third party profits and setting standards in labour practices as the positive results of Amazon's policies. Parts of the the letter are also seen as a response to US Senator Elizabeth Warren's post on the need to "break up Amazon, Google, and Facebook". Amazon's success and market health Bezos extolled the fortunes of third-party sellers on the platform, citing a 50% growth rate of non-Amazon products sold through the platform over the past two decades. This beats the growth of the company's own products on its platform, cited at about 25%. Bezos uses this to argue that the company's services do more to create value for third parties than it does to further their own success. To put it bluntly, he writes: "Third-party sellers are kicking our first party butt. Badly." The letter is seen as a response to calls by American Senator Elizabeth Warren to introduce more effective regulatory mechanisms to ensure that Amazon's growth does not stifle other market entrants from providing competition. She argues that the control that the companies posses over the way consumers use the online services compromise the interests of users: "Venture capitalists are now hesitant to fund new startups to compete with these big tech companies because it’s so easy for the big companies to either snap up growing competitors…

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