Facebook, Amazon, Apple, Google CEOs To Testify Before House Antitrust Subcommittee Wednesday

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="What Happened ” data-reactid=”20″>What Happened

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Apple Inc.’s (NASDAQ: AAPL) Tim Cook, Google parent company&nbsp;Alphabet Inc.’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Sundar Pichai,&nbsp; Facebook Inc.’s&nbsp;(NASDAQ: FB) Mark Zuckerberg, and Amazon.com, Inc.’s&nbsp;(NASDAQ: AMZN) Jeff Bezos&nbsp;were originally set to testify before the antitrust subcommittee on Monday.” data-reactid=”21″>Apple Inc.’s (NASDAQ: AAPL) Tim Cook, Google parent company Alphabet Inc.’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Sundar Pichai,  Facebook Inc.’s (NASDAQ: FB) Mark Zuckerberg, and Amazon.com, Inc.’s (NASDAQ: AMZN) Jeff Bezos were originally set to testify before the antitrust subcommittee on Monday.

The event was delayed due to a schedule clash with a memorial service for Rep. John Lewis (R-Ga), who died earlier this month.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The House Judiciary Committee had launched a bipartisan probe last year into alleged anticompetitive practices at large tech firms and had requested documents pertaining to mergers and acquisitions.” data-reactid=”23″>The House Judiciary Committee had launched a bipartisan probe last year into alleged anticompetitive practices at large tech firms and had requested documents pertaining to mergers and acquisitions.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Why It Matters” data-reactid=”24″>Why It Matters

The hearing comes at a time when antitrust allegations against the technology giants are mounting up.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Amazon is being accused&nbsp;of using privileged information it gained during venture fund meetings with more than a dozen startups to launch its own competing products, the Wall Street Journal reported last week. The retail behemoth also reportedly used third-party seller data to launch its own label products.&nbsp;” data-reactid=”26″>Amazon is being accused of using privileged information it gained during venture fund meetings with more than a dozen startups to launch its own competing products, the Wall Street Journal reported last week. The retail behemoth also reportedly used third-party seller data to launch its own label products. 

Alphabet subsidiary Google separately faces allegations related to how its Android operating system and its Gmail service interacted with third-party apps and services to launch rival products, the Verge reported.

Price Action

Alphabet Class A shares closed nearly 0.6% lower at $1,508.21 and Facebook shares closed 0.8% lower at $230.71 on Friday. 

Amazon stock closed 0.75% higher at $3,008.91 per share and Apple stock 0.25% lower at $370.46 per share the same day.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Photo courtesy: U.S. Customs and Border Protection on Flickr” data-reactid=”31″>Photo courtesy: U.S. Customs and Border Protection on Flickr

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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”37″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.