- According to Senator Amy Klobuchar, an “incredible onslaught of money” against a landmark antitrust bill to check the power of the U.S. Big Tech companies hindered the passing of the legislation, Bloomberg reports.
- Those dollars have funded advertisements designed to stir opposition to the American Innovation and Choice Online Act, she said at the Code Conference in Los Angeles.
- Organizations funded by the technology industry have spent $120 million on political ads since 2021, outpacing the pharmaceutical industry for the first time. Almost all that money targeted Klobuchar’s bill.
- That’s in addition to the almost $95 million that Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), and Meta Platforms Inc (NASDAQ:META) and their trade groups have spent on lobbying since 2021.
- The bill has raised concerns over its impact on content moderation, but Klobuchar has snubbed the concerns and doesn’t see that as a true obstacle.
- Amazon spent a record $4.98 million, up 2.5% year-on-year, on lobbying during Q2.
- Apple doled out $1.9 million in Q2, down from $2.5 million during Q1.
- Google spent $2.77 million, up 32% Y/Y and down by 6.4% Q/Q.
- Microsoft Corp (NASDAQ:MSFT) spent $2.41 million in Q2, down 2.4% Y/Y.
- Photo by Sharon McCutcheon on Unsplash
Alibaba Plans $2B Investment In Turkey: Report
Alibaba Group Holding Ltd (NYSE: BABA) reportedly plans a $2 billion investment in Turkey after a meeting between the Chief Executive Officer, Michael Evans, and Turkey President Recep Tayyip Erdogan.
