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2021-08-20
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White House Doesn't Want to Destroy Big Tech: Biden Adviser
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It just wants to make it more compe","content":"<p>President Joe Biden’s White House doesn’t want to kill Big Tech. It just wants to make it more competitive, says Tim Wu, special assistant to the president for technology and competition policy.</p>\n<p>But it is willing to cause a little pain along the way.</p>\n<p>The White House has launched a big push to curb the power of the country’s largest tech companies that some see as a mortal threat. Wu begs to differ. “We want to emphasize the goal of this is, ultimately, a better tech industry,” Wu tells <i>Barron’s</i>.</p>\n<p>Through a sprawling executive order, which Biden signed in July, the White House seeks to take several steps to curtail the power that is specific to Big Tech. It asks the Federal Trade Commission to develop policies that would more closely scrutinize mergers by the dominant internet platforms. And it outlines concerns around data collection, which the antitrust system may have difficulty tackling.</p>\n<p>“If you look at the executive order, you’ll notice that the concerns that are specific to the tech industry have to do with some of the business methods that have evolved,” Wu says, pointing to “barriers to entry or moats, or the means of controlling competition, that the tech industry seems to have done a good job of gaining itself. Those are, in some cases, novel or different, and perhaps particularly challenging for the antitrust system.”</p>\n<p>Those moats Wu is referring to are at the heart of a separate effort by the U.S. Federal Trade Commission to dismantle Facebook(ticker: FB) through antitrust litigation. After the agency’s first suit was dismissed in June, a federal judge gave the FTC a chance to rethink its argument and file an amended suit,which was filed Thursday. (<i>Barron’s</i>spoke to Wu before the amended suit was filed.)</p>\n<p>The litigation expands on the government’s argument about why and how Facebook has achieved its dominant status, and why it violates antitrust statutes.</p>\n<p>The amended complaint, filed in the U.S. District Court for the District of Columbia, seeks to separate Facebook from its WhatsApp and Instagram units. It seizes on Facebook’s transition to mobile devices as a crucial point in the company’s history when it was attempting to shift its advertising business away from desktop platforms. At the time Facebook recognized that mobile-based social networks could be an “existential challenge” for the company, according to the suit.</p>\n<p>In a statement, a Facebook spokesman said the lawsuit has no merit, and that the company plans to vigorously defend itself. “The FTC’s claims are an effort to rewrite antitrust laws and upend settled expectations of merger review, declaring to the business community that no sale is ever final,” the spokesman wrote.</p>\n<p>Earlier, Wu was a key architect of the president’s executive order. The order goes well beyond Big Tech and too seeks to alter how the U.S. government regulates large corporations. Wu previously helped write an order in the final months of the Obama administration that was largely not enacted because Republican Donald Trump took the White House,according to The Wall Street Journal.</p>\n<p>For Big Tech—Alphabet(GOOGL),Amazon.com(AMZN),Apple(AAPL), Facebook, and Microsoft(MSFT)—the order could have significant consequences.</p>\n<p>Of special concern to the administration are acquisitions that involve tech businesses buying a growing competitor—something Facebook and others have done in the past. Facebook’s finance chief David Wehner has told <i>Barron’s</i> the regulatory pressures around antitrust have dampened the acquisition appetite among all big tech companies, Facebook included.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>White House Doesn't Want to Destroy Big Tech: Biden Adviser</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhite House Doesn't Want to Destroy Big Tech: Biden Adviser\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-20 08:05 GMT+8 <a href=https://www.barrons.com/articles/white-house-wants-to-make-big-tech-better-not-destroy-it-tim-wu-says-51629406914?mod=hp_LEAD_2><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>President Joe Biden’s White House doesn’t want to kill Big Tech. It just wants to make it more competitive, says Tim Wu, special assistant to the president for technology and competition policy.\nBut ...</p>\n\n<a href=\"https://www.barrons.com/articles/white-house-wants-to-make-big-tech-better-not-destroy-it-tim-wu-says-51629406914?mod=hp_LEAD_2\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.barrons.com/articles/white-house-wants-to-make-big-tech-better-not-destroy-it-tim-wu-says-51629406914?mod=hp_LEAD_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107393415","content_text":"President Joe Biden’s White House doesn’t want to kill Big Tech. It just wants to make it more competitive, says Tim Wu, special assistant to the president for technology and competition policy.\nBut it is willing to cause a little pain along the way.\nThe White House has launched a big push to curb the power of the country’s largest tech companies that some see as a mortal threat. Wu begs to differ. “We want to emphasize the goal of this is, ultimately, a better tech industry,” Wu tells Barron’s.\nThrough a sprawling executive order, which Biden signed in July, the White House seeks to take several steps to curtail the power that is specific to Big Tech. It asks the Federal Trade Commission to develop policies that would more closely scrutinize mergers by the dominant internet platforms. And it outlines concerns around data collection, which the antitrust system may have difficulty tackling.\n“If you look at the executive order, you’ll notice that the concerns that are specific to the tech industry have to do with some of the business methods that have evolved,” Wu says, pointing to “barriers to entry or moats, or the means of controlling competition, that the tech industry seems to have done a good job of gaining itself. Those are, in some cases, novel or different, and perhaps particularly challenging for the antitrust system.”\nThose moats Wu is referring to are at the heart of a separate effort by the U.S. Federal Trade Commission to dismantle Facebook(ticker: FB) through antitrust litigation. After the agency’s first suit was dismissed in June, a federal judge gave the FTC a chance to rethink its argument and file an amended suit,which was filed Thursday. (Barron’sspoke to Wu before the amended suit was filed.)\nThe litigation expands on the government’s argument about why and how Facebook has achieved its dominant status, and why it violates antitrust statutes.\nThe amended complaint, filed in the U.S. District Court for the District of Columbia, seeks to separate Facebook from its WhatsApp and Instagram units. It seizes on Facebook’s transition to mobile devices as a crucial point in the company’s history when it was attempting to shift its advertising business away from desktop platforms. At the time Facebook recognized that mobile-based social networks could be an “existential challenge” for the company, according to the suit.\nIn a statement, a Facebook spokesman said the lawsuit has no merit, and that the company plans to vigorously defend itself. “The FTC’s claims are an effort to rewrite antitrust laws and upend settled expectations of merger review, declaring to the business community that no sale is ever final,” the spokesman wrote.\nEarlier, Wu was a key architect of the president’s executive order. The order goes well beyond Big Tech and too seeks to alter how the U.S. government regulates large corporations. Wu previously helped write an order in the final months of the Obama administration that was largely not enacted because Republican Donald Trump took the White House,according to The Wall Street Journal.\nFor Big Tech—Alphabet(GOOGL),Amazon.com(AMZN),Apple(AAPL), Facebook, and Microsoft(MSFT)—the order could have significant consequences.\nOf special concern to the administration are acquisitions that involve tech businesses buying a growing competitor—something Facebook and others have done in the past. Facebook’s finance chief David Wehner has told Barron’s the regulatory pressures around antitrust have dampened the acquisition appetite among all big tech companies, Facebook included.","news_type":1},"isVote":1,"tweetType":1,"viewCount":334,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/838592091"}
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