Bezos unfazed by antitrust concerns on Amazon

September 14, 2018

Amazon founder and chief executive Jeff Bezos said Thursday he was not worried about the potential for anti-trust scrutiny of the company as it becomes an important economic force.

Speaking at a Washington business gathering, Bezos said it was normal to draw scrutiny but he did not anticipate any actions that would prevent the from innovating and growing.

"We are so inventive that whatever regulations are promulgated, that will not stop us from serving customers," Bezos said in a question-and-answer session at a dinner hosted by the Economic Club of Washington.

"Customers are still going to want low prices. They're still going to want fast delivery. They're still going to want a big selection."

Bezos said it was unsurprising and even normal to face questions when a company like Amazon becomes so big.

"All big institutions of any kind are going to be and should be examined, scrutinized and inspected," he said.

"We want to live in a society where people are worried about big institutions. That's OK."

But Bezos said he did not see Amazon—which briefly hit $1 trillion in market value—as a monopoly, arguing that online sales still represent a small fraction of overall retail.

"Eighty-five percent of sales is still in the physical world. So that's where we face competition," Bezos said.

His comments came as US regulators opened hearings on whether to revamp anti-trust enforcement to consider the dominance of digital giants such as Google, Facebook and Amazon.

Bezos also said no decision had been made on Amazon's second North American headquarters, known as HQ2, for which 20 cities have been selected as finalists, and that the choice would be made as scheduled before the end of the year.

He said "we have made tremendous progress" in the search but offered no clues, despite reports that Amazon board members had visited locations in the Washington suburb of Arlington, Virginia.

Explore further: As Amazon slashes prices, Bezos sees jump in wealth

Related Stories

As Amazon slashes prices, Bezos sees jump in wealth

July 17, 2018

As Amazon marked its "Prime Day" with price cuts across a range of products, founder and chief executive Jeff Bezos saw his net worth hit new peaks, increasing his lead over fellow billionaires.

Amazon's Jeff Bezos unveils $2 bn philanthropic fund

September 13, 2018

Amazon founder Jeff Bezos, the richest person on the planet, announced Thursday he was creating a philanthropic fund to help homeless families and launch preschools in low-income communities, committing an initial $2 billion.

Amazon's Bezos outlines grocery, drone plans

April 10, 2014

CEO Jeff Bezos' annual letter to shareholders offers a glimpse into Amazon's internal workings and what it is aiming for in the future, including expanded same-day grocery delivery and drone delivery.

Recommended for you

A novel approach of improving battery performance

September 18, 2018

New technological developments by UNIST researchers promise to significantly boost the performance of lithium metal batteries in promising research for the next-generation of rechargeable batteries. The study also validates ...

Germany rolls out world's first hydrogen train

September 17, 2018

Germany on Monday rolled out the world's first hydrogen-powered train, signalling the start of a push to challenge the might of polluting diesel trains with costlier but more eco-friendly technology.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.