Alphabet, Amazon, Apple, Meta, and Microsoft (“AAAMM,” formerly GAFAM) have built vast ecosystems of online products and services. Over the past decade, these firms have extensively acquired other companies, primarily young startups. Previous literature has shown that incumbents may have several motivations to acquire new entrants: they may be interested in the product, technology, network of users, or staff of the acquired company, or they may seek to eliminate a potential competitor. In th
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