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‘The world needs large companies as well’: Jeff Bezos in his prepared congressional testimony

In his first ever appearance before the US Congress, Amazon's CEO will make a pitch that the world needs big companies like Amazon, as much as it needs smaller ones. “There are things small companies simply can’t do. I don’t care how good an entrepreneur you are, you’re not going to build an all-fiber Boeing 787 in your garage,” Bezos plans to tell a House Judiciary panel Wednesday, according to written testimony. In a prepared testimony, Bezos also argues that Amazon is just another company in an otherwise big retail market, and that it has helped create hundreds and thousands of jobs in the US. However, there is one glaring omission in his testimony —  if Amazon uses third party seller data to compete against them on their platform, which is also the root cause of antitrust scrutiny against the company. Bezos won’t be alone at the congressional hearing, as CEOs of the other three Big Tech companies: Apple’s Tim Cook, Facebook’s Mark Zuckerberg, and Google’s Sundar Pichai will join him in testifying in front of the House Judiciary Committee's antitrust panel. Highlights from Bezos' prepared testimony ’The global retail market is too big’: Bezos will say that the “global retail market we compete in is strikingly large and extraordinarily competitive”, and that Amazon accounts for less than 1% of the $25 trillion global retail market and less than 4% of retail in the US. “More than 80 retailers in the U.S. alone earn over $1 billion in annual revenue…Every day,…

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