Is Amazon too big, and should it be broken up?

Amazon's consumer chief Jeff Wilke, offered a direct (if unsurprising) response: "No." 

"Substantial entities in the economy deserve scrutiny, and our job is to build a company that meets that scrutiny," he said. 

Earlier this week, Reuters reported that the Federal Trade Commission and the Department of Justice are preparing sweeping antitrust investigations of tech giants Amazon (AMZN) - Get Report , Alphabet (GOOGL) - Get Report , Apple (AAPL) - Get Report and Facebook (FB) - Get Report

Amazon's CEO of Worldwide Consumer Jeff Wilke

In the case of Amazon, an antitrust probe is likely to focus, in part, on Amazon's practices with its online marketplace and whether it harms smaller competitors -- who must also advertise to compete against Amazon's first-party offerings -- by determining which products are most popular and then offering them through its own "private label" system. 

At a press conference, Wilke defended the practice by saying that those "private label" products make up only 1% of its overall sales and that other retailers have engaged in comparable practices for as long as retail has existed. 

"Most of our competitors have a much larger percentage of their sales in private label," Wilke said. "The things we end up making on private label are the things that sell the most, that are right at the top of search results. If there's a way to get that product at a better value, perhaps at better quality, at a certain price point, then we do that just as retail has for a very long time."

Amazon shares closed up 0.5% to $1,738.50 on Wednesday and are up 12.4% so far this year. 

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