Big U.S. tech companies need to "clean themselves up," Salesforce (CRM) CEO Marc Benioff argued in an interview with TheStreet's founder, Jim Cramer, as lawmakers move to bring company bosses to Washington to answer to accusations of antitrust violations and data privacy abuses.
Speaking on Cramer's "Mad Money" program on CNBC late Tuesday, amid calls from the U.S. House Judiciary subcommittee to have tech company bosses testify on Capitol Hill as part of a probe into the misuse of power in digital markets, Benioff said the industry had reached a point where "enough is enough.'
"I'm actually all-in on this, and actually think it might be 'too little, too late,'" Benioff said, adding regulators actually need to be "more aggressive. "We are in a point in our industry where enough is enough, and we need to get the value straight with these tech companies."
"There are some things going on with regards to the manipulation of their consumers, the mis-use of the data, serious issues with privacy and those values need to change and some of those tech companies need to be held accountable for what's going on," he added.
"We're following behind what the European Union is doing, they're the leaders in this area - not just in privacy, with GDPR, but with their European action against these companies when they mis-use data, mis-use privacy or take advantage of customers," he added. "There needs to be corrective action, it needs to come from the government and I'm for the regulations that are coming in here."
The House Judiciary Committee unveiled a sweeping "top-to-bottom' review of unnamed tech companies late Monday, the first such probe by Congressional lawmakers, as reports of a dual effort from the Department of Justice and the Federal Trade Commission to tackle the perceived dominance and potential abuses of tech giants such as Apple (AAPL) , Facebook (FB) , Alphabet (GOOGL) and Amazon (AMZN) .
"The growth of monopoly power across our economy is one of the most pressing economic and political challenges we face today," said David Cicilline (D- RI), who chairs the Antitrust subcommittee, adding that "market power in digital markets presents a whole new set of dangers."
"It will be necessary for some of the leaders of the technology companies to be part of this conversation," Cicilline said Tuesday.
Apple CEO Tim Cook, however, dismissed the idea was "too big" and took issue with suggestions from Presidential Candidate Elizabeth Warren that it had a monopoly position that would warrant action from either lawmakers or the DoJ.
Speaking with CBS News' Norah O'Donnell on the sidelines of the Apple's Worldwide Developers Conference, Cook said his company was "not a monopoly" but insisted he welcomed scrutiny into its business model.
"I think scrutiny is good, and we'll tell our story to anybody that we need to or wants to hear it. I feel very confident in our position" Cook said. "You know, we're on the user's side. We're on the user's side in privacy. We're on the user's side in trying to prevent fake news. And so we curate, and we've always done that."
"We're not an amplifier for fake news or pitting groups against one another or having porn or all this other kind of stuff. This is not what we're about, and we've never been about that," he added.