Senate Judiciary Committee Authorizes Subpoenas for Twitter and Facebook CEOs

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The Judiciary Committee actually has subpoenaed the CEOs of Facebook and Twitter. It wants them to come up and testify about allegations that they have suppressed a story about 100. Biden's business dealings with Ukraine. The news comes his Facebook is seeking new ways to monetize It's WhatsApp unit. Scarlet Food. Fu is here with Mohr. So Scarlett how the stocks doing Well, the stocks are down overall and you can see the big tech is really getting hit from all sides earlier this month, it was by the Democratic controlled House Antitrust committee and, of course today from the Republican led Senate Judiciary Committee. And what today's action means is that Lindsey Graham, who's the chairman of this committee, is now clear to move forward with issuing subpoenas to Mark Zuckerberg and to Jack Dorsey and really force them to testify. Over the decisions to limit sharing of New York Post articles about Joe Biden son Hunter Biden. There's been no date set yet, but both are scheduled already to explain their content policies next Wednesday before a different Senate committee. So the backdrop here is that after years of being left alone by Washington, especially in the early days, Big Tech is now constantly looking over his shoulder, and it's stuck in the crosshairs of lawmakers and regulators so no real surprise that it has had to increase its spending on lobbying. Facebook, for instance, spent $16 million in 2019 $10 million so far this year. But all that is kind of a drop in the bucket when you compare it to how much it has in cash. Facebook had $58 billion in cash last fiscal year cash in short term investments. Meantime, you mentioned the other headline. Their Facebook is lining up a potential payout for its WhatsApp unit, the messaging service. Rather than selling ads. Facebook wants to offer its business users a cloud service that allows him to soar and keep their interactions their messages with their customers. This next phase after that, Would include payments to allow customers to buy products directly from businesses on WhatsApp. And really, this is a significant shift for Facebook, which makes almost all its money. They're really targeted niche advertising. That's not to say that it won't pursue that, necessarily. But if looking into different options, and of course, a backdrop for all of this is that social media big technology has done very well during the pandemic. Seemed as kind of utilities more than anything else, although in the lead up to the election, there's a lot of concern over the role that they play in influencing how people think about candidates and how they vote. So Scarlett, and let's be

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