Apple, Facebook, Amazon and Google CEOs to Testify to Congress: Report

House panel investigating antitrust issues in big tech expected to hear from CEOs in late July.
Publish date:

The CEOs of Apple  (AAPL) - Get Report, Facebook  (FB) - Get Report,  (AMZN) - Get Report and Alphabet’s  (GOOGL) - Get Report Google are expected to testify before a congressional committee probing antitrust issues, according to published reports late Wednesday.

Tim Cook of Apple, Sundar Pichai of Google, Mark Zuckerberg of Facebook and Jeff Bezos, of Amazon will likely appear July 27 Reuters reported, citing two sources familiar with the matter.

The testimony is expected to come either before the full House Judiciary Committee or its antitrust subcommittee, according to the report.

The major technology companies have been facing investigations by the Federal Trade Commission and the Department of Justice, as well as state attorneys general, over concerns about their dominance of key growth areas of the economy.

Among issues under examination is the use of major tech platforms to put competitors at a disadvantage. The companies also face concerns over failures to protect user privacy and over their failure to control the spread of disinformation and hate speech on their platforms. 

Federal antitrust investigations of the companies began gathering steam last year. Similar probes have been launched by European regulators  In recent weeks, Apple has come under fire for fees charged to developers using its in-app purchasing system. 

Facebook shares rose $10.48, or 4.62%, to $237.55. Amazon shares rose $119.88, or 4.35%, to $2,878.70. Alphabet shares rose $24.43, or 1.73%, to $1,438.04. Apple shares fell 69 cents, or 0.19%, to $364.11.

The S&P 500 index rose 15.57 points, or 0.5%, to 3,115.86.

The Invesco QQQ ETF rose 2.89, or 1.17%, to 250.49.

Facebook Apple, Amazon and Alphabet are holdings in Jim Cramer's Action Alerts PLUS member club