In the weeks since news of the potential US antitrust probes first broke, Google announced a $2.6 billion acquisition to bolster its cloud computing division, Jeff Bezos teased plans for Amazon to spend billions to launch thousands of satellites that provide broadband internet, and Facebook unveiled Libra with the potential to change financial and payment systems around the world. Top tech execs warn that breaking their companies up will make problems worse Once viewed in purely glowing terms as icons of American innovation, these businesses now face a “top-to-bottom” antitrust probe from the House Judiciary Committee and two federal agencies paving the way for potential investigations into their market dominance.Īnd yet, the Libra hearing is also a reminder that these tech firms are continuing to invest aggressively to expand their businesses, despite mounting concerns that they are already too big and powerful. The dramatic day on Capitol Hill highlights the harsh spotlight politicians on both sides of the aisle now place on the country’s largest tech companies. Sherrod Brown, a Democrat and ranking member on the committee, said raises more “ anti-competitive concerns.” This hearing will focus on the company’s recent proposal for a new digital currency called Libra, a plan that Sen.

Just a few hours before that, David Marcus, a top Facebook executive is scheduled to appear in a different hearing before the Senate Banking Committee. (GOOG) are set to testify at a House hearing on “online platforms and market power,” in what could be the industry’s most high-profile grilling session since tech antitrust scrutiny ramped up in Washington a month ago. On Tuesday, representatives from Facebook

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