Four Reasons for Tech Bulls to Start Worrying
A Democratic sweep in the Georgia Senate runoffs raises the specter of increased government oversight of America’s tech giants. And that’s not all.
Democratic Senate wins in Georgia set up the prospect of governmental headwinds for Big Tech.
Photographer: Jim Watson/AFP via Getty Images
The results of the Georgia Senate runoff elections are in, with Democrats poised to claim victory and stock markets cheering the news. There were exceptions: Some of the biggest technology stocks — including 2020 darlings Facebook Inc., Apple Inc., Amazon.com Inc. and Google parent Alphabet Inc. — slipped in trading Wednesday. There are good reasons to suspect this is more than a momentary blip.
The all-but-certain victories in Georgia will give Democrats control of both the White House and Congress, which may in turn add muscle to regulatory and legislative efforts aimed at reining in tech giants’ power and market dominance. There’s that, but more as well. Here are four reasons tech bulls should start worrying: