Big Tech's bad news week [AdShooter/E+ via GettyImages]
"Not vibes"... Big Tech's current thought bubble. Antitrust issues have dominated the news for a long time, but this week turned up the heat in a big way. Yesterday, a House committee approved sweeping legislation to curb the dominance of Google, Facebook, and their Big Tech frenemies.
More tech woes... The legislation would also give federal agencies like the FTC way more muscle to block Big Tech acquisitions of startups (like FB & Instagram nine years ago). Last week: Big Tech critic Lina Khan was sworn in to lead the FTC, the US gov't agency that enforces antitrust laws.
Antitrust just got a whole lot anti-er... That could hit Big Tech where it hurts: in the balance sheet. The aggressiveness of tech lobbying shows how serious of a threat these developments are. If the bills pass, that might make room for smaller companies to compete.