WASHINGTON – Major tech companies are bracing for a new administration and control of their business with a proven strategy: opening their wallets.
Facebook Inc. and Amazon. com Inc. outperformed all other U.S. companies in federal lobbying spending last year, according to a Wall Street Journal analysis of the most recent revelations. It was the second year in a row that they surpassed all other companies, including stalwarts such as AT&T Inc. and Boeing Co.
Faced with federal and state antitrust cases and a series of hearings summoning CEO Mark Zuckerberg to Washington, Facebook spent nearly $ 20 million in 2020, an increase of nearly 18% from the previous year.
Amazon, which first saw CEO Jeff Bezos testify before Congress and continued to push for expansion of its activities as a government contractor, spent about $ 18 million last year, about 11% more than in 2019.
“We have made it clear that the internet needs updated regulation, and so we will continue to express our support for new rules that address the current reality online,” said a Facebook spokesperson.