For decades Amazon, Apple, Facebook, and Google gobbled up their competition to become behemoths of the tech industry, which has drawn attention from Congressional leaders and other critics who claim they’ve stifled innovation in the industry.
, a little-known startup building mobile phone software, for $50 million. It would become Google’s most important acquisition, cementing its power as the Internet moved from desktop computers to smartphones.market to compete with Microsoft, it didn’t build from scratch. Instead, it bought start-ups already working on those products, like Writerly and Tonic Systems .for $1.6 billion – an eye-popping amount at the time. Today, YouTube makes that much money for Google every three weeks.
“Our acquisitions over the years have spurred investment, accelerated innovation and growth and benefited consumers. The vast majority of our acquisitions are smaller technology companies that we’ve invested in to help them grow faster, at lower cost,” a spokesperson for Google said. “It protected that market power, that monopoly power dominance through a series of acquisitions that eliminated any meaningful competitive threat,” Cicilline said.
Two years earlier, Facebook bought Instagram for $1 billion, a deal now seen as a key moment in the history of social media. The companyOriginal businessFacebook’s first purchase was simple. In order to switch from thefacebook.com to facebook.com, the company purchasedRemember Friendster? Facebook bought the early social network’s patents to ensure no one could use them against it later on.
with customers over social media. The acquisition shows how Facebook is trying to make its social and messaging strengths a core part of how commerce is conducted in the future.
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