1 four-pack of shade... coming right up for Silicon Valley. The main event yesterday was David Marcus, Facebook's head of cryptocurrency, who suffered a grilling by the Senate (he hits the House tomorrow). But all 4 of America's tech-powered giants sent lambs to get questioned and criticized by elected officials.
- Facebook: Defending Zuck's new cryptocurrency, Marcus promised Libra wouldn't launch until it "fully addressed regulatory concerns." Politicians from both sides didn't like Facebook's crypto-moves given its marred privacy record. PS: Bitcoin dropped 10% on DC's overall anti-crypto tone.
- Google: President Trump said he would investigate whether Google has been infiltrated by the Chinese military. That's based on a claim from Peter Thiel (Facebook board member) that Google is an unpatriotic company engaged in treason.
- FB, Google, Apple, and Amazon: Execs from all four faced a different set of lawmakers who accused them of breaking rules set up to protect consumers from monopolies as well as for having a bias against conservatives in search results.
Despite the politi-hate, record highs... The stocks of all these companies are close to their record highs. They've scaled their business models across the world and kept growing as people in developing countries adopt smartphones and the internet. And 2+ years of tech as a political punching bag hasn't resulted in laws or policies to rein in profits.
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