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

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

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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.

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Apple Inc. Stock Quote
Apple Inc.
AAPL
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Alphabet Inc. Stock Quote
Alphabet Inc.
GOOGL
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Amazon.com, Inc. Stock Quote
Amazon.com, Inc.
AMZN
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Meta Platforms, Inc. Stock Quote
Meta Platforms, Inc.
META
$180.50 (1.70%) $3.01
Alphabet Inc. Stock Quote
Alphabet Inc.
GOOG
$122.65 (2.36%) $2.83

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