FAANG Goes To Congress (Without Netflix)…Should You Sell or Even Care? Maybe Just Buy More Gold….

My daughter Rachel sent me a text yesterday saying:

Facebook, Apple, Amazon and Google are going to congress tomorrow and we should sell some of their stock because the stocks will probably go down. It is for antitrust issues and Facebook is right now trying to steal Tik Tik creators to us the new Instagram Tik Tok.

Tik Tok is not going to roll over. They responded quickly with a $200 million fund for creators. Wowzers.

I sent her back Om’s post on the subject which rang most true to me declaring ‘Tech CEO’s In DC Is A Waste Of Time‘. The gist:

What do I think about the whole brouhaha? The short version (in case you want to skip reading the piece) — all sizzle no steak. In other words, you could (and should) avoid even thinking about it. You are not going to see the four chieftains say anything that damages their business or upsets the status quo. It is not going to impact the employees or the stocks of these companies. Hell, it is not even a photo-op: the whole non-drama is going to play out on Zoom.

But it will keep a lot of reporters, opinion writers, and television hosts busy. It will keep Twitter humming. It will allow politicians to score some points in the court of public opinion. And yes, it will allow politicians to get more money from lobbyists who represent these companies.

I love this part:

These four companies (along with other technology companies) are helping the stock markets stay flying high during this pandemic. Stock markets are often a bet on the future. What the markets are saying — the future is going to be shaped by technology.

As I have written about in the past, our relationship with technology is getting increasingly complicated. Weirdly, the pandemic has only exposed our need for these platforms.

Whatsapp is a crucial part of global communications. I was reminded of that this past month when I tried to manage my parents’ health situation without Whatsapp. Amazon has delivered necessary (and sometimes not so essential) items. YouTube brings me entertainment and edutainment. Apple is a platform that I use for pretty much everything – reading, writing, viewing, and creating.

Like I said — it is complicated.

I recommend reading the whole piece.

Not to be outdone, Jeff Bezos released his opening statement last night. As Web Smith points out…’it was masterful and Amazon is antitrust proof:

Tomorrow might be just another good day to buy more Gold…

Never missing an opportunity for sneaking in a grift t while we are looking in another direction, mostly bankrupt penny stock Eastman Kodak got $750 million or so from Fat Nixon to keep 300 employees working on COVID and generic drugs. The stock has popped from $2 to $14. I’m sure nobody inside the White House circle of grift made money on the stock with that surprise handout.

PS – I have done two Panic With Friends podcasts with Om if you want to hear some great deep takes on all things technology. You can listen here and here.