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The Immunity of the Tech Giants

The New York Times – Kara Swisher: When the pandemic is over, we most certainly should fear the industry more than ever. “If power tends to corrupt, and absolute power corrupts absolutely, how can we best describe the kind of power Big Tech will wield when the coronavirus crisis is over? How about this: The tech giants could have all the power and absolutely none of the accountability — at least all the power that will truly matter. This is the conclusion that many are coming to as the post-pandemic future begins to come into focus. Wall Street sure is signaling that the power lies with tech companies, vaulting the stock of Amazon to close to $2,400 a share earlier this week, from $1,838 at the end of January. While the price fell on Friday to $2,286 a share, after Amazon’s chief executive, Jeff Bezos, said he would spend future profits on the coronavirus response, that still gives the company a value of $1.14 trillion….”

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