Republicans and Democrats alike are doubling down on their criticism of Big Tech after U.S. Attorney General William Barr announced on late Tuesday that the Department of Justice would open a broad antitrust assessment of big tech firms. He didn’t identify names. However, shares of Amazon, Alphabet, and Fb traded lower on the news.
Because the 2020 Presidential elections get closer and the Democratic candidates gear up for his or her second debate next week, criticism of Big Tech runs throughout the aisle — even when the specifics differ. Probably the most outspoken Democrats primarily argue that the big platforms stifle fair competition, whereas Republicans have loudly complained about anti-conservative bias.
“They’re politically caught within the crosshairs,” mentioned Brian Yacktman, founder of YCG Investments, which oversees over $750 million and owns shares of Fb and Alphabet. “What’s bipartisan is that individuals are involved in corporations having an excessive amount of power and an excessive amount of control over information, so they want regulation.”
Sen. Elizabeth Warren (D-MA) and Sen. Ted Cruz (R-TX) are among those with divergent views on virtually everything, besides in terms of criticizing Big Tech. Politicians had been quick to express their views after Tuesday’s DOJ announcement.
Another presidential candidate, Senator Amy Klobuchar (D-MN), reacted to the DOJ investigation stating, “For a while, I’ve been calling on the antitrust agencies to look into anti-competitive practices by the massive online platforms in addition to for increased transparency.”