Meta Platforms Inc Inc (NASDAQ:FB) and Amazon Inc Inc (NASDAQ:AMZN) set records in the amount of money they spent lobbying in Washington last year. The revelation comes after the same companies set another record in 2020 while trying to influence big tech regulation.
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According to MarketWatchboth Meta – the parent company of Facebook – and Amazon spent a record $20.1 million and $20.3 million on lobbying, respectively, in 2021. The amounts are slightly higher than those of the previous year, which was also a record in itself.
“Amazon and Meta rank among the leaders in lobbying spending among the nation’s five largest tech companies by market value, surpassing spending by other giants,” the website reports.
According to company disclosures, Google – Alphabet Inc (NASDAQ:GOOGL) – and its subsidiaries spent $11.5 million on lobbying in 2021, Microsoft Corporation (NASDAQ:MSFT) spent $10.3 million, while Apple Inc (NASDAQ:AAPL) spent $6.5 million.
Big tech companies have increased the amount they spend on lobbying as they come under increasing constant criticism for their business practices. The White House is determined to curb monopolistic efforts, as President Joe Biden said: “Capitalism without competition is not capitalism. It is exploitation.
However, according to MarketWatch, “investors in tech giants generally don’t look so scared of Washington, as shares of four of the five companies topped or roughly matched the S&P 500’s 16% rise. in the past 12 months”.
Shares of Google jumped 41% over the same period, while Microsoft’s rose 34% and Apple’s 20%. Additionally, “Meta’s stock has veered 16%. Only Amazon shares have underperformed the S&P, losing 10% over the past 12 months.
In the case of Amazon, the e-commerce giant has focused on its lobbying on several aspects such as cannabis reform, postal rates, electric vehicle infrastructure, telehealth, counterfeiting and drones. .
During this time, Meta has focused on misinformation, immigration reforms, artificial intelligence, election privacy and integrity.
Amazon and Meta are part of the Entrepreneur Indexwhich tracks 60 of the largest publicly traded companies run by their founders or the families of their founders.