Here’s what every serious investor in the country will be watching today, at 1pm ET the leaders of Facebook, Alphabet, Apple and Amazon will be answering lawmakers’ questions before the American public, just as we watched the largest bank CEOs a decade ago. Expect questions about everything from privacy to monopolistic power.
The New York Times sets the scene:
The captains of the New Gilded Age — Jeff Bezos of Amazon, Tim Cook of Apple, Mark Zuckerberg of Facebook and Sundar Pichai of Google — will appear together before Congress for the first time to justify their business practices. Members of the House judiciary’s antitrust subcommittee have investigated the internet giants for more than a year on accusations that they have stifled rivals and harmed consumers. The exact contents of the documents they’ve collected are unknown, although they are said to include documents related to some of the companies’ acquisitions and internal communications among top executives.
It is set to be a bizarre spectacle, with four men who run companies worth nearly $5 trillion combined — and who include two of the world’s richest individuals — primed to argue that their businesses are not really that powerful after all.
Here’s the livestream via C-Span: