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Whereby "companies", what you really mean is American companies.

I'm not sure why you think the alternative to shitty US companies is "terminal decline". Europe is more than capable of coming up with its own tech companies, and the prospect of trashfires like Facebook being driven out and replaced with more responsibly managed alternatives is firmly in the "feature" column.

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Agreed. See also "How Facebook and Instagram became marketplaces for child sex trafficking"[1]. Meta has a problem: lack of ethics. EU has a solution: regulatory ethics. If anything, it is the US that needs to seriously re-evaluate Meta's position.

How is Zuckerberg allowed to own any social media company after Cambridge Analytica? (not rhetorical)

[1]https://news.ycombinator.com/item?id=35726102

I don't mean to be presumptuous but the only company out of Europe that's even comparable is Spotify and even then the majority of their employees are in the US.

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