Basically the only reason I read the article is to know if they needed a "backdoor" in encryption, guess the don't need it, like everyone with a little bit of IT knowledge always told them.
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This isn't as much about the social media platforms, competing with those is relatively feasible. This is more about the professional infrastructure market. Microsoft Azure, AWS and Google Cloud. There isn't really a European competitor there, the US dominates this market. We have a huge trade deficit on these services, which Trump "conveniently" didn't include in his trade war analysis.