Produced by Ben Marino. Filmed by Greg Bobillot. Edited by Donell Newkirk.
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This is the week that the tide started to turn for Big Tech. In the US and Europe you're seeing regulators push forward and force the Big Tech platform companies to make changes in their business model. Twitter over the last few days announced that it's going to start policing political advertising. And now Facebook and Google are under pressure to do the same.
In Europe, the antitrust commissioner Margrethe Vestager is talking about putting the burden of proof for consumer good on the Big Tech firms themselves when they're embroiled in antitrust suits. That's a big deal. Because it would allow some of the smaller players that claim they've been hurt by big platform companies like Google, or Facebook, or Amazon to not have to have all the legal muscle improving a case.
Australia is taking on new privacy issues around Facebook, and Google's Sidewalk Labs project in Toronto is going to have to put all the data collected from the smart city in a public database. So it can be accessed not just by Google, but by other firms and by taxpayers and citizens in Toronto themselves. At the same time, you've got Big Tech causing market jitters.
SoftBank, over the last few days announced its first shaky earnings. This is a company that helped to bid up WeWork and Uber to record valuations. And then those companies ended up disappointing. So in both politics and markets, we're seeing some big shifts. And I look for these debates to push forward into the US 2020 campaign and be a big election issue.