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Congress to probe tech giants

by Kyle Ziemnick
Posted 6/04/19, 10:43 am

WASHINGTON—The House Judiciary Committee on Monday launched a first-of-its-kind bipartisan antitrust probe against unspecified technology companies that control large portions of the industry. “A small number of dominant, unregulated platforms have extraordinary power over commerce, communication, and information online,” the committee said in a statement, adding that it plans to oversee a “top-to-bottom review of the market power held by giant tech platforms” as the first step in a longer process before the House considers any legal action. But Sandeep Vaheesan, legal director of the anti-monopoly Open Markets Institute, said, “There’s still a long way to go before there is even an investigation.”

Although the Judiciary Committee did not specifically mention any companies, investor reactions on Monday seem to indicate that the biggest names are in the crosshairs. After reports surfaced about the probe on Monday, shares of Facebook stock fell by 7.5 percent, while Google’s parent company, Alphabet, took a 6.1 percent hit, and Amazon’s stock dropped by 4.6 percent.


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Kyle Ziemnick

Kyle is a graduate of the World Journalism Institute.

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Comments

  • OldMike
    Posted: Tue, 06/04/2019 10:14 pm

    I think it is entirely reasonable to look at Facebook, Google, Amazon, et al as members of the mainstream media. And also reasonable to expect these companies’ managers’ and owners’ philosophies and political beliefs to align with those of the rest of the liberal media.   And if the liberal media abuses the public trust to slant the news, promote their liberal views, make it appear as if a vast majority of Americans hold the same views, and stifle dissent or make dissenters seem ridiculous, then Google, Facebook, and Amazon do too 

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