Jeff Bezos will tell Congress that Amazon's size is a good thing, and that it faces plenty of competition from rivals like Walmart: 'Just like the world needs small companies, it also needs large ones'
Amazon CEO Jeff Bezos plans to tell members of Congress that the company's size is actually a good thing, and that it still faces plenty of competition, according to prepared remarks posted to an official"Just like the world needs small companies, it also needs large ones," Bezos plans to say. "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 is also expected to argue that Amazon competes in a global retail industry that is "strikingly large and extraordinarily competitive," and that the company captures only captures single-digit market share in the sector. He plans to name several firms as competitors, including traditional retailers like Walmart, Target, Costco, and Kroger, as well as e-commerce companies like Shopify and Instacart.
Bezos, along with Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg, and Sundar Pichai, CEO of Google parent company Alphabet, are set to appear before the House Antitrust Subcommittee on Wednesday, where they'll faceAmazon has come under increasing scrutiny from lawmakers who say its size and market dominance allow it to unfairly prevent competition, particularly surrounding itsBezos plans to say that by opening its marketplace, Amazon instead enabled sellers to better than they could have...
He also plans to argue that Amazon's size has other benefits, such as allowing it to create jobs in the US that pay better than competitors and to use its scale to combat climate change – but that lawmakers should still look into its business practices. "I believe Amazon should be scrutinized. We should scrutinize all large institutions, whether they're companies, government agencies, or non-profits," Bezos plans to say. "Our responsibility is to make sure we pass such scrutiny with flying colors.
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