Big Tech’s Upcoming Trip to Washington



CEOs Sit Down With Lawmakers

Today, the CEOs of four of the country’s largest tech companies were supposed to meet in Washington to speak in front of the House Judiciary Committee’s antitrust panel. A last-minute scheduling conflict with a planned memorial service for the late Rep. John Lewis means that the event has been postponed until Wednesday. Nevertheless, when it does unfold, the event will bring together Facebook (FB)’s Mark Zuckerberg, Amazon’s (AMZN), Jeff Bezos, Google’s (GOOGL) Sundar Pichai, and Apple’s (AAPL) Tim Cook.

The hearing will focus on whether or not these tech companies have engaged in monopolistic behavior. However, questions of misinformation, data privacy, censorship, and relations with China are also likely to come up.

Antitrust Questions

The four companies have all faced criticism surrounding anticompetitive behavior. The hearing will be a chance for the government to ask questions and for the companies to defend their decisions.

Facebook will likely answer questions about its acquisitions of Instagram and WhatsApp, and whether these decisions were aimed at driving out competitors. Amazon will be asked about whether it creates products by using data from competing third-party merchants.

Google will discuss its conflicts with publishers who say the company has too much control of online advertising. Apple will talk about accusations that it prevented developers from offering users the option to make in-app purchases that don’t go through Apple’s system.

Misinformation, China, and Privacy

The CEOs will also be questioned about how their platforms deal with misinformation while protecting freedom of speech. For some time, lawmakers have been debating whether or not the Communications Decency Act should continue to protect tech companies that showcase third-party content. When this comes up, Democrats will likely criticize the companies for not doing more to prevent hate speech, and Republicans will likely voice concerns about biases toward conservative ideas on the platforms.

Lawmakers will also question the tech companies, especially Apple and Google, about their relationships with the Chinese government. Lastly, the question of privacy is likely to come up, as lawmakers have been discussing the merits of regulating data collection and targeted advertising. Relations between Washington and Big Tech have been rocky recently, and investors will be closely watching to see how these talks unfold.


Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS072702


All your finances.
All in one app.

App Store rating

Download on the App Store Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit SoFi.com. Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.


TLS 1.2 Encrypted
Equal Housing Lender