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Tech giants threaten to monopolize entire sectors — Russia’s IMF representative

The technology giants show income and profit where it is useful, Aleksey Mozhin noted

WASHINGTON, January 10. /TASS/. Monopolizing entire economic sectors is the main threat posed by the largest US technology companies, Executive Director for Russia in the IMF, Dean of its Executive Board Aleksey Mozhin said in an interview with TASS.

He recalled that the growth of stock markets in the United States is primarily associated with the rise in prices of the five largest technology corporations: Alphabet, which owns Google, Amazon, Apple, Facebook, and Microsoft. "These are technology giants, they all have become monopolists, and optimize taxes. They are global players with production sites in various countries, they show income and profit where it is useful," he said.

According to him, tech giants are optimizing tax payments to the detriment of the budgets of many countries. "We are talking about the process of monopolization by these technology companies. The main threat is that, as I see it, key sectors, technological sectors are being monopolized," Mozhin said.

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IMF Internet & Telecom

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