You may be concerned about the tentacles of Facebook and Big Tech reaching into your life... but investors don’t seem to be.
Tech’s day of reckoning Tuesday on Capitol Hill started with skepticism about Facebook Inc.’s proposed digital currency, and ended with a spirited debate over charges of anti-conservative bias on Alphabet Inc.’s Google search. In between, the industry’s Big Four took some plenty of body blows from both political parties.
While the government, consumers and privacy advocates may be concerned about the tentacles of Big Tech reaching into their lives, investors don’t seem to be. “As long as advertisers get high ROI on Facebook, which is by far the largest platform in town, there is no need to look elsewhere,” Shebly Seyrafi, an analyst who covers Facebook at FBN Securities, told MarketWatch in a phone interview, assessing the one-year high in Facebook’s stock price.
Perhaps no company took more of a grilling Tuesday than Facebook. Its prospective digital currency, called Libra, was met with withering skepticism from the Senate Banking Committee over regulatory and trusts issues, and the company was later singled out as an antitrust menace in an afternoon hearing before the House Judiciary Committee.“I don’t trust you guys,” Sen. Martha McSally, R-Ariz.
Karan Bhatia, Google’s vice president of public policy and a former senior official in the George W. Bush administration, was also battered by Sen. Josh Hawley, R-Mo., for the company’s business dealings in China.
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