By David Moore, Sludge
[With the massive Facebook Papers leak, and tech CEOs visiting Capitol Hill this morning for a purported grilling, external signs are that Congress is getting serious about tech regulation. But, a cursory look under the hood reveals that senators in both parties are shoring up their portfolios with major tech stock holdings. Whether Congress has the political will to enact major regulatory tech reforms remains to be seen, but with millions in personal wealth on the line, we’re not holding our breath for these lawmakers to act. — Progressive Hub]
On Friday morning, new unredacted documents were released from a state attorneys general lawsuit claiming that Google and Facebook colluded to divvy up the digital ad market, with Google allegedly giving Facebook special advantages when using its ad platform through a secret agreement nicknamed “Jedi Blue.” The unsealed complaint provided a wealth of details on the antitrust suit filed by the Texas attorney general in December 2020 and joined by 14 other states and Puerto Rico. The documents also allege that Google pitched tech giants Apple, Facebook, and Microsoft on joining efforts to stall proposed data privacy protections for children and teens.
As the House and Senate consider sweeping new legislation aimed at reining in the power of Big Tech, senators may soon vote on laws that could enable the regulatory breakup of companies in which they’re invested. Currently, 18 senators or their households own stock in the tech companies nicknamed FANGAM—for Facebook, Apple, Netflix, Google (parent company Alphabet), Amazon, and Microsoft—valued at a minimum of $9.9 million and a maximum of $24.6 million, according to a Sludge review of financial disclosures. The assets are reported to the Senate Office of Public Records as being held individually, by a spouse, in a joint trust, or for a dependent child, and their values are only disclosed as broad ranges, making a more precise tally impossible.
Recent Posts
Right-Wing Courts May Further Dismantle Health Care Benefits
March 28, 2024
Take Action Now Right-wing federal appeal judges signal they support repeal of the no-cost preventive care mandate, all but guaranteeing a Supreme…
Biden Re-Election Benefits From Dark Money He Says “Erodes Public Trust”
March 28, 2024
Take Action Now Dark money has flooded into outside spending groups pledging support for Biden, including one out of every two dollars to the…
If Supreme Court Restricts Abortion Pills, Birth Control Could Be Next
March 28, 2024
Take Action Now Republicans across the country have blocked Democratic efforts to codify the right to use contraception. By Mike Ludwig, Truthout…
Support For Israel’s War On Gaza Plummeting Among Key Biden Voters: Poll
March 28, 2024
Take Action Now “Given these numbers,” said one progressive campaigner, “I don’t know how President Biden can reconcile his…