Big Tech to Testify: What Jim Cramer Is Watching
Big tech CEO's--including Apple, Facebook, Amazon and Alphabet--have agreed to testify in front of the House Judiciary Committee which is probing antitrust issues Wednesday.
The hearing was previously scheduled for Monday, but was rescheduled due to the funeral proceedings of the late U.S. representative John Lewis.
Tim Cook of Apple, Sundar Pichai of Google, Mark Zuckerberg of Facebook and Jeff Bezos, of Amazon are set to appear.
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.
Amazon's Jeff Bezos, who is newer to the politics of Capitol Hill, is expected to face questions on Amazon's e-commerce dominance as well as private label products.
Facebook's Mark Zuckerberg will likely see the company's handling of problematic content in focus.
While the testimonies will certainly make news, Jim Cramer said he isn't so worried about shareholders. "Everybody wants to investigate these companies...but what are you going to do?" Cramer asked.
Cramer said at the end of the day, he's more worried about the employees of big tech than investors.
And don't expect big tech to exit the headlines any time soon. All four companies are also expected to report quarterly results Thursday.
What are you watching as big tech takes the podium? Tell us in the comments below.