Investors in tech have reason to worry. Not only is Trump saying that they should possibly be subjected to anti-trust regulation, but the tech sector is heading to Washington today to meet with the Senate. Top executives at Facebook, Google, and Twitter, are set to face questions and scrutiny about their practices, including on trust concerns, political content, and consumer privacy. The tide of public opinion has turned against tech over the last year, and congress has followed suit, with Senate GOP leader Orrin Hatch calling Google’s anti-trust behavior “disquieting” despite the fact that he used to staunchly defend the sector.
FINSUM: The big problem for tech is that a regulatory crackdown now seems to have bipartisan support. We think there will be some regulations imposed on tech, but the depth of the forthcoming rules will be the deciding factor. In other words, will it be something along the lines of GDPR (relatively light) or more like Glass-Steagal?