Please ensure Javascript is enabled for purposes of website accessibility

Facebook, Apple, Amazon, and Alphabet CEOs to Testify in Congress This Month

By Eric Volkman - Updated Jul 8, 2020 at 9:07AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The House Judiciary antitrust subcommittee is very interested in what the quartet has to say about market dominance and competition.

In what will resemble something of a Silicon Valley power summit, the CEOs of the cream of U.S. tech companies will testify before Congress later this month.

Facebook's (META 1.70%) Mark Zuckerberg, Apple's (AAPL 2.14%) Tim Cook, Amazon (AMZN 2.07%) chief Jeff Bezos, and Alphabet (GOOG 2.36%) (GOOGL 2.39%) leader Sundar Pichai are to testify in a House Judiciary antitrust subcommittee hearing on Monday, July 27. They will answer questions related to the subcommittee's investigation into competition in digital markets.

Gavel on laptop with scales of justice in the background against a cityscape.

Image source: Getty Images.

This probe was launched in June 2019. In a press release at the time, the subcommittee wrote: "A small number of dominant, unregulated platforms have extraordinary power over commerce, communication, and information online. Based on investigative reporting and oversight by international policymakers and enforcers, there are concerns that these platforms have the incentive and ability to harm the competitive process."

The subcommittee pledged a "top-to-bottom review" of the market positions of the largest tech companies, hence its desire to question the four CEOs.

When it began the investigation, the subcommittee said it would focus on three key topics: documenting competition issues in the digital space; determining if the dominant tech companies are engaging in anticompetitive behavior; and examining if current antitrust laws and policies, plus enforcement levels, are sufficient to address these matters.

Facebook, Apple, Amazon, and Alphabet have all faced criticism that they not only have dominant positions in their respective segments, but have also abused those positions and actively stifled competition.

The subcommittee wrote that in accordance with current House rules, the four CEOs can elect to provide their testimony remotely. 

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool's board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool's board of directors. Eric Volkman owns shares of Facebook. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Amazon, Apple, and Facebook and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Apple Inc. Stock Quote
Apple Inc.
$172.10 (2.14%) $3.61
Alphabet Inc. Stock Quote
Alphabet Inc.
$121.68 (2.39%) $2.84, Inc. Stock Quote, Inc.
$143.55 (2.07%) $2.91
Meta Platforms, Inc. Stock Quote
Meta Platforms, Inc.
$180.50 (1.70%) $3.01
Alphabet Inc. Stock Quote
Alphabet Inc.
$122.65 (2.36%) $2.83

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
S&P 500 Returns

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 08/13/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.