Senator Attacks Big Tech Lobbying For Delaying Antitrust Bill

Senator Attacks Big Tech Lobbying For Delaying Antitrust Bill
  • According to Senator Amy Klobuchar, an "incredible onslaught of money" against a landmark antitrust bill to check the power of the U.S. Big Tech companies hindered the passing of the legislation, Bloomberg reports.
  • Those dollars have funded advertisements designed to stir opposition to the American Innovation and Choice Online Act, she said at the Code Conference in Los Angeles.
  • Organizations funded by the technology industry have spent $120 million on political ads since 2021, outpacing the pharmaceutical industry for the first time. Almost all that money targeted Klobuchar's bill.
  • That's in addition to the almost $95 million that Alphabet Inc's GOOG GOOGL GoogleApple Inc Inc AMZN, and Meta Platforms Inc META and their trade groups have spent on lobbying since 2021.
  • The bill has raised concerns over its impact on content moderation, but Klobuchar has snubbed the concerns and doesn't see that as a true obstacle.
  • Amazon spent a record $4.98 million, up 2.5% year-on-year, on lobbying during Q2.
  • Apple doled out $1.9 million in Q2, down from $2.5 million during Q1. 
  • Google spent $2.77 million, up 32% Y/Y and down by 6.4% Q/Q. 
  • Microsoft Corp MSFT spent $2.41 million in Q2, down 2.4% Y/Y.
  • Photo by Sharon McCutcheon on Unsplash

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