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FACEBOOK INC

(FB)
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Big Tech to face another bipartisan U.S. antitrust bill

10/14/2021 | 06:09pm EST
FILE PHOTO: The logos of Amazon, Apple, Facebook and Google

WASHINGTON, Oct 14 (Reuters) - A bipartisan group of lawmakers, headed by Senators Amy Klobuchar, a Democrat, and Republican Chuck Grassley, plan to introduce a bill that would bar Big Tech platforms, like Amazon and Alphabet's Google, from favoring their products and services.

Amazon, for example, has been accused of using data from third-party sellers to determine what products it would create.

Reuters reported on Wednesday, after reviewing thousands of internal Amazon documents, that the U.S. company's India operations ran a systematic campaign of creating knockoffs and manipulating search results to boost its own private brands in the country, one of the company’s largest growth markets.

The latest bill is one of a slew introduced in this Congress aimed at reining in tech firms, including industry leaders Facebook and Apple. Thus far none have become law although one, a broader measure to increase resources for antitrust enforcers, has passed the Senate.

This bill, which Klobuchar's office said would be introduced early next week, would be a companion to a measure which has passed the House Judiciary Committee. It must pass both houses of Congress to become law.

Klobuchar and Grassley's bill would specifically prohibit platforms from requiring companies operating on their sites to purchase the platform's goods or services and ban them from biasing search results to favor the platform.

"As dominant digital platforms -- some of the biggest companies our world has ever seen -- increasingly give preference to their own products and services, we must put policies in place to ensure small businesses and entrepreneurs still have the opportunity to succeed in the digital marketplace," Klobuchar said in a statement.

Klobuchar is chair of the Senate Judiciary Committee's antitrust subcommittee while Grassley is the top Republican on the full committee. Co-sponsors include Democrats like Senator Dick Durbin, chair of the full Judiciary Committee, Richard Blumenthal, Cory Booker, Mazie Hirono and Mark Warner as well as Republicans Lindsey Graham, John Kennedy, Cynthia Lummis and Josh Hawley.

Antitrust advocate Sarah Miller, executive director of the American Economic Liberties Project, praised the planned bill as an effort "to turn the page on a failed era of antitrust enforcement." (Reporting by Diane Bartz; Editing by Aurora Ellis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ALPHABET INC. 0.84% 2840.1792 Delayed Quote.60.96%
AMAZON.COM, INC. 1.12% 3476.01 Delayed Quote.5.74%
APPLE INC. -2.24% 160.948 Delayed Quote.24.18%
FACEBOOK INC 0.98% 312.97 Delayed Quote.13.71%
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Financials (USD)
Sales 2021 118 B - -
Net income 2021 39 899 M - -
Net cash 2021 67 499 M - -
P/E ratio 2021 22,3x
Yield 2021 -
Capitalization 864 B 864 B -
EV / Sales 2021 6,77x
EV / Sales 2022 5,61x
Nbr of Employees 68 177
Free-Float 84,5%
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Number of Analysts 52
Last Close Price 310,60 $
Average target price 403,89 $
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Managers and Directors
Mark Elliot Zuckerberg Chairman & Chief Executive Officer
David M. Wehner Chief Financial Officer
Michael Todd Schroepfer Chief Technology Officer
Atish Banerjea Chief Information Officer
Sheryl Kara Sandberg Chief Operating Officer & Director
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