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Big Tech hoovering up top lawyers has been a problem on the policy side too. There's few left to write laws targeting Big Tech because so many already work for Facebook's, Google's etc. policy teams. https://t.co/A0cdpLFVKP
— Parmy Olson (@parmy) June 29, 2021
The bipartisan bills that passed the House Judiciary Committee address Big Tech’s monopoly power.
— Rep. Ken Buck (@RepKenBuck) June 29, 2021
We can fix this problem now.
Why would we wait 2 years or 4 years?
This dynamic can play out at law firms as they seek tech business, too.
— David McCabe (@dmccabe) June 29, 2021
Jonathan Kanter, a rumored candidate to head DOJ antitrust, left Paul, Weiss because of conflicts between his work with tech critics and other work at the firm, sources told us. https://t.co/ydHOOuAQ45 https://t.co/zuJdKd4IY3
More work for lawyers! At up to $2,000 (!!!) an hour.
— Shira Ovide (@ShiraOvide) June 29, 2021
"In total, 51 lawyers from 21 law firms have appeared in court in the Google cases..."
By @ceciliakang & @dmccabe https://t.co/bBC5D9F17T
Today’s development in the FTC’s case against Facebook shows that antitrust reform is urgently needed. Congress needs to provide additional tools and resources to our antitrust enforcers to go after Big Tech companies engaging in anticompetitive conduct. https://t.co/AGvSacj8kb
— Rep. Ken Buck (@RepKenBuck) June 28, 2021
"He gave the agency an opening to revive the complaint by fixing it and refiling in 30 days."https://t.co/5Gn8QxjTpx
— Aoife White (@aoifewhite101) June 29, 2021
People who think anti-trust is the answer to their problems with big tech, are so misguided it's hard to even get started. The Feds being able to create a category so narrow they can call any company a monopoly is horrible. Also remember when it was Walmart Myspace AOL & Yahoo? https://t.co/9A6JGNkbfz
— Sean Fitzgerald (@IamSean90) June 29, 2021
A federal judge tossed out antitrust lawsuits against Facebook — and threw cold water on the heated campaign to brand Big Tech as illegal monopolists.
— Axios (@axios) June 29, 2021
It shows just how tough it will be for regulators to make their charges of tech malfeasance stick. https://t.co/tMmswAgh96
The wave of lawsuits, investigations and proposed legislation aimed at ending the dominance of Amazon, Apple, Facebook and Google may take years to sort out. But there is already one clear winner: antitrust legal experts. https://t.co/szbXdzuQyB
— The New York Times (@nytimes) June 29, 2021
The FTC should do everything it can to pursue its case against Facebook. But the ruling shows why our antitrust laws need to be updated after years of bad precedent. We can’t meet the challenges of the modern digital economy with pared down agencies & limited legal tools.
— Amy Klobuchar (@amyklobuchar) June 28, 2021
$FB closed above $1T in market cap for the first time on Monday. Shares closed up 4.18% at $355.64 after a ruling that dismissed an antitrust complaint brought by the U.S. FTC and a coalition of state attorneys general.
— Meg Graham (@megancgraham) June 28, 2021
via @sal19 https://t.co/waA8iH4ZMU
"Knowsmore."
— Shira Ovide (@ShiraOvide) June 29, 2021
Nice one, A.B.A. pic.twitter.com/JNaogOh2q7
Even if the FTC refiles, this is going to have a big impact in the congressional debate on antitrust law.
— Brendan Bordelon (@BrendanBordelon) June 28, 2021
Lawmakers on the progressive left and populist right often argue existing law is insufficient to rein in Facebook and other tech giants. This is fuel for that argument.
Smart, smart take from @scottros:
— Sara Fischer (@sarafischer) June 29, 2021
— Judge’s dismissal of FTC’s $FB lawsuit shows how tough it will be for regulators to make their antitrust charges stick.
— It could also strengthen the hand of lawmakers who argue we must update outdated antitrust laws.https://t.co/F54ckaJHZG
Matt's analysis goes to why the successful push last week to amend one of the antitrust bills in House Judiciary to include a "consumer welfare" defense was devastating. Another later effort failed bc vote was tied. Savvy and formidable push by tech companies and their cut-outs. https://t.co/ZdkTq2VPt5
— David Segal (@DavidSegalRI) June 29, 2021
Reminds me of how Tony Soprano met with top divorce lawyers in order to prevent Carmela from retaining them. https://t.co/cNSRqQPZ3h
— Craig Silverman (@CraigSilverman) June 29, 2021
Big Tech behemoths were once the gold standard of entrepreneurism and innovation. They took on incumbents, created new services, and transformed what our economy looks like today.
— Kevin McCarthy (@GOPLeader) June 29, 2021
But their idea of competition is now corrupted, and it's past time to rein in Big Tech.
BREAKING: Judge dismisses FTC antitrust complaint against Facebook; $FB shares surge 3.4%, surpassing $1 trillion in market value for the first time https://t.co/QEEcKfLv46 pic.twitter.com/HzR8S3mhEm
— CNBC Now (@CNBCnow) June 28, 2021
An added benefit of hiring every antitrust lawyer possible, there are none left to work for the government's prosecution team. By @ceciliakang & @dmccabe https://t.co/7LyzgK82wu pic.twitter.com/eAZRm41FYm
— Adam Satariano (@satariano) June 29, 2021
This piece is about how many opportunities now exist to make lots of money (up to $2K/hr) for legally defending Big Tech.
— Luther Lowe (@lutherlowe) June 29, 2021
At the end of the story, though, we learn of one antitrust hotshot who walked away from the top firm out of principle. https://t.co/EL5NeTflNA pic.twitter.com/bA6wdFvrVY
This passage in the ruling on the FTC vs Facebook case is strident. The FTC's suit was filed last year, before Lina Khan joined the agency, but it's unclear how / if the strategy changes (or improves) with her as Chair. pic.twitter.com/ciYsCP6hUX
— Eric Seufert (@eric_seufert) June 29, 2021
A judge dismissed the government's antitrust case against Facebook. It's a mess of an opinion, and shows why antitrust law needs a rewrite. But the FTC will probably refile soon, so more a speed bump. https://t.co/ocPn6F2WFA
— Matt Stoller (@matthewstoller) June 29, 2021
The FTC should pursue this case, but we shouldn’t count on regulators and the courts alone to save us. Keeping our markets competitive, open and fair? It will require the Congress to act. https://t.co/P4fUeYeDMM
— Amy Klobuchar (@amyklobuchar) June 29, 2021
Just in: A federal judge has dismissed the FTC's antitrust complaint against Facebook, saying it was worded too vaguely. The judge is giving the FTC another chance, though, if it files an amended complaint. https://t.co/394anSsitz pic.twitter.com/pSByMO371V
— Brian Fung (@b_fung) June 28, 2021
In January, I was reliably informed by the tech press that the tech lash was over. This morning, four senators and a congressman are speaking at @EPPCdc's Big Tech symposium about their proposals to substantively reform Section 230 and update and enforce the antitrust laws. https://t.co/opZ6tAGTCB
— Rachel Bovard (@rachelbovard) June 29, 2021
It's boom times for all the law firms hired by the tech giants to defend themselves against the government's anti-trust cases: Google alone has hired 51 lawyers from 21 firms. https://t.co/BdxiIhYfAu
— Alec MacGillis (@AlecMacGillis) June 29, 2021
The court finds that the FTC failed to prove its case that Facebook had a monopoly on “personal social networking.” Accuses them of extremely sloppy work attempting to define the market (accurately imo) https://t.co/HgjtTyJpRt
— Casey Newton (@CaseyNewton) June 28, 2021
Law students and law schools, take note:
— Tiffany C. Li (@tiffanycli) June 29, 2021
“Not since the government sued to break up Microsoft in the late 1990s has there been greater demand for people who know the ins and outs of corporate competition law.”https://t.co/5k5jQ5PPjK
True too for EU lawyers, tho hardly brand new. Gives flesh to refrain that US antitrust has been asleep for a decade. (And Brussels’ Alan Ryan has a cameo.) https://t.co/3PbHAsqwIs
— Nicholas Hirst (@nicholashirst_) June 29, 2021
statement from @SenBlumenthal indicates Congress taking the FTC Facebook complaint dismissal as a rallying cry to update antitrust laws pic.twitter.com/UG8Buj4zkd
— Sarah Frier (@sarahfrier) June 28, 2021
We need to update our antitrust laws.
— Rep. Ken Buck (@RepKenBuck) June 30, 2021
It’s time to hold Big Tech accountable. pic.twitter.com/B2XoLYd8oa
This is deeply disappointing from the court, which acknowledged @Facebook massive market power but essentially shrugged its shoulders. Bad result for the American people https://t.co/8oTAxfd7th
— Josh Hawley (@HawleyMO) June 28, 2021
Nadler and Cicilline on FTC v. Facebook: "The decision underscores the dire need to modernize our antitrust laws...Facebook is a monopolist, and it has abused its monopoly power to buy or bury its competitive threats." pic.twitter.com/0R9Nmverp7
— Jan Wolfe (@JanNWolfe) June 28, 2021
Facebook hit $1 trillion in market value today, so Wall Street investors in Facebook are mildly happy with the decision. But I wouldn't be so sure it's good for the social networking giant. https://t.co/ocPn6F2WFA
— Matt Stoller (@matthewstoller) June 29, 2021
TL;DR version: The judge finds the FTC didn't offer enough details to show that Facebook has a monopoly for social networking services.
— Leah AntiTrustButVer1fy Nylen (@leah_nylen) June 28, 2021
The TLDR is the judge was being a jerk and said to the FTC that they can’t just use common sense in showing Facebook’s monopoly power. https://t.co/ocPn6Fky4a pic.twitter.com/gMcSe2NJNl
— Matt Stoller (@matthewstoller) June 29, 2021
Breaking: The district court just dismissed the FTC's antitrust suit against Facebook. More TK
— Leah AntiTrustButVer1fy Nylen (@leah_nylen) June 28, 2021
However, the FTC’s case against Facebook isn’t completely closed.
— Vox (@voxdotcom) June 28, 2021
The FTC can pursue other methods for limiting Big Tech's power.
And some politicians have viewed today’s rulings as a call for Congress to update old antitrust laws so they can apply to modern-day tech companies.
As Facebook hits a $1 trillion market cap, its antitrust battle with the FTC isn't over yet https://t.co/h2wwukUTtU
— CNBC (@CNBC) June 29, 2021
A judge dismissed the government’s antitrust suit against Facebook. Here’s the good, the bad, and the ugly from the decision. https://t.co/ocPn6Fky4a
— Matt Stoller (@matthewstoller) June 29, 2021