Recent news reports that FAANG’s more well-known big technologies, including Facebook, Amazon, Apple, and Google, are opposed to the new antitrust legislation which is poised to impose further constraints upon them. These projects have directly targeted FAANG firms.
The NY Times says that “Capitol offices have been swarmed, lawmakers and their staff appointed, lobbyists and more than a dozen think tanks and advocacy groups paid for by tech companies, and writings arguing that the consequences for industry and the country will be disastrous if ideas become law.” The New York City Times reports.
Apple’s CEO, Nancy Pelosi, and other house members called on Apple CEO Tim Cook to reject the respective legislation because this would harm the customers of their product indirectly. However, when Cook pointed out whether the legislation may be postponed, Nancy just turned aside and ordered him to deal with the political concerns to additional measures.
Even Google said such bills are going to deteriorate the company’s particular offerings, while Amazon calls them ‘major negative effects.’ However, the bill does not precisely become law since the Judicial Committee still needs the approval and the Senate will have to agree before Joe Biden proclaims it to be law.