The technology sector has faced intense pressure from both domestic and international regulators, resulting in numerous lawsuits against industry giants like Meta Platforms (Facebook’s parent company), Amazon, Apple, and Alphabet (Google’s parent company) (GOOGL). However, a potential return of Donald Trump to the White House has sparked a glimmer of hope for these tech companies.
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During a recent appearance on the Joe Rogan podcast, Meta CEO Mark Zuckerberg urged Trump to intervene and prevent the European Union from imposing further fines on U.S. tech companies. Zuckerberg highlighted that the EU has levied over $30 billion in fines against these companies for alleged legal violations over the past two decades.
Zuckerberg Expresses Optimism in Trump’s Pro-Business Stance
“I think it’s a strategic advantage for the United States that we have a lot of the strongest companies in the world,” Zuckerberg stated. He emphasized his belief that defending these companies should be a key component of U.S. strategy going forward. Expressing optimism about a potential Trump presidency, Zuckerberg added, “I think he just wants America to win.” He further characterized the current global regulatory environment as “basically just open season around the rest of the world.”
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Despite Trump’s past criticisms of Zuckerberg, including accusations of election interference, the EU is reportedly re-evaluating its investigations into several tech giants, including Apple, Meta Platforms (META), and Google, in anticipation of potential intervention from a Trump administration.
EU Reassesses Tech Investigations; UK Launches New Inquiry
The Financial Times, citing informed sources, reported that the review will encompass all cases initiated since March of last year under the EU’s digital markets regulation.
Concurrently, the UK’s Competition and Markets Authority (CMA) announced the commencement of its first strategic market status designation investigation under the new digital markets competition regime, effective January 1st. This investigation, projected to conclude within nine months, will scrutinize Google’s dominance in search and search advertising services and its impact on consumers, businesses, advertisers, news publishers, and competing search engines.
The CMA’s inquiry signifies a continued focus on regulating the power of large technology companies, regardless of political shifts in the United States. While Big Tech anticipates a more favorable regulatory landscape under a potential Trump presidency, the challenges posed by international regulators remain significant. The coming months will be crucial in determining the future regulatory landscape for these companies.
