Ahead of testimony, Facebook, Twitter, Snapchat under fire from Presidential campaigns

  • Technology companies are due to speak to Congress about competition concerns next week, and will likely struggle to get a sympathetic ear in the next Administration, regardless of which party wins, if recent advertising on social media is any indication.
  • Presidential campaigns of Vice President Biden and President Trump have been spending millions on Facebook (FB), Snapchat (NYSE:SNAP) and others to attack the very social media platforms themselves, including Twitter (NYSE:TWTR), the Associated Press reported. 
  • The power concentration in social media and tech broadly, including Alphabet (GOOGL), Amazon (AMZN), and Apple (AAPL), is under renewed scrutiny, with two political parties agreeing on the need for something to be done.
  • President Trump is creating hundreds of messages on Facebook to criticize Twitter for its labeling of tweets that violate the company's terms of service, alleging censorship. His campaign is also alleging Snapchat is attempting to interfere.
  • Biden is also spending heavily on Facebook to call for the company to properly label inaccurate statements and for the company to do more to ban foreign meddling following the 2016 election, in which it was found Russian trolls were creating misleading content and fake campaign events on the platform - recent reports indicate similar tactics are already underway in this election cycle, the AP added.
  • Twitter opted to ban political advertising altogether.
  • The House hearing on big tech companies is scheduled to take place on Wednesday, July 29, after an initial delay. Read more about the hearing here.
  • Dear readers: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion.

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