Billionaire investor Masayoshi Son told CNBC he was not concerned that a handful of tech companies would become too powerful and shift the landscape for startups to be successful.
The SoftBank CEO made his comments in an interview with “Squawk Box” co-host Andrew Ross Sorkin, which aired on Thursday. Through its two Vision Funds, the Japanese conglomerate Son has invested billions of dollars in around 200 startups around the world.
Officials in the US and Europe have been increasingly examining whether tech titans like Amazon, Alphabet, parent company of Google, Apple and Facebook, engage in anti-competitive practices. The EU has been more aggressive in its pursuit, imposing numerous antitrust fines on Alphabet in particular.
In the United States, Democratic lawmakers in Washington last year released a lengthy antitrust report on those four companies, finding they have monopoly power. In some cases, the report called for the spin-off of parts of their businesses. President Joe Biden, who took office earlier this year, has also signaled a tougher stance toward Big Tech with two of his picks for administrative positions.
But Son does not share the same opinion.
“Those big companies, of course, have to behave within a reasonable range, but they are reasonable companies, in my opinion,” Son said. “Newer companies have their own opportunities, many opportunities, without making many complaints,” he said.
SoftBank has invested in Amazon and Alphabet, but sold its stakes last year. “I’ve been a great believer, and I’m still a great believer, those big hi-tech names will continue to grow,” Son said.
Sorkin specifically asked Son about Apple’s App Store fees and Amazon’s role as a provider to the e-commerce marketplace and a seller of its own products through the same marketplace. Both practices have been criticized as unfair.
“If they’re not happy, they should do it themselves,” Son replied. “If they are happy, they should join. They don’t need to continue, so I think it’s not that bad. “
At the same time, Son said he believes large companies that receive criticism for certain deals should be receptive. For example, Apple recently lowered the commission rate on its App Store for smaller software developers after facing heat that 30% was too high.
“Like a great platformer, you should always listen to the other players if you want to have even greater growth in the longer term,” he said.
