Funding the Fight: Facebook Pours Millions into American Edge Project to Combat Tech Regulation

Meta Platforms, Inc’s (NASDAQ: META) Facebook emerged as the leading donor for an advocacy group fighting antitrust legislation that would have more tightly regulated the tech industry. American Edge Project received a $34 million donation from Facebook, CNBC cites a group participant. The nonprofit raised the amount almost two years ago. American Edge CEO Doug Kelly stated on CNBC that “the threats to America’s technological edge have a profound impact on our national security and economic well Read More...

Reuters

JPMorgan deal forces Biden administration to defend record on mergers

JPMorgan Chase & Co’s deal to buy First Republic Bank pushed the Biden administration into a corner, leaving officials scrambling to explain how their stance against mergers squared with allowing the largest U.S. bank to get even bigger. At a White House event on small business on Monday, President Joe Biden hailed the sale of the troubled San Francisco-based lender, saying it would protect all depositors and avert a government bailout. Senator Elizabeth Warren, a Democrat and member of the Senate Banking Committee who has been pushing for tighter banking regulations, blasted the decision, sounding a theme that could hound Biden, who last week announced his bid to win another term in the White House and has struggled with low approval ratings.