Big Tech Triggers Political Scrutiny as Firms Record Abnormal profits

The crunch that was caused by Covid-19 had major economic interruptions, but one sector benefitted a lot and continued to grow and thrive at a dramatic rate. Technology industry reaped big during the pandemic. Companies offering technological services witnessed super-profits during the pandemic.

As most businesses and organizations increased demand for cloud-based services, firms like Amazon web services, Microsoft Azure and Google Cloud raked over-impressive gains. As the world stared at lockdown, the demand for entertainment was high and firms like Netflix made a kill.

Most of the tech companies that recorded high gains are based in the US. Apple was the first trillion-dollar company in 2018. Currently there are over four companies world-wide which have surpassed the trillion-dollar mark.

Apple and Facebook also saw an increase to their revenue. According to an article published in The Guardian, the impressive performance of big tech has triggered increased political inquiry from Washington.

Big tech stocks soured to a record high as tech titans rivaled the wealth of some nations. Google, Microsoft, Apple and Amazon have had their values surpassing $1 trillion, according to The Guardian. Facebook, Tesla and Netflix had their value estimated to be over $200 billion.

Elon Musk, the richest person in the world is the force behind Tesla, a company that manufactures electric cars. He became the richest man in the world in 2021 after edging out Amazon’s Jeff Bezos.

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