In the wake of Donald Trump's decisive US election victory, leaders from major tech companies—including Amazon, Apple, Google, Meta, and Microsoft—quickly extended their congratulations, signalling a desire to mend relations with the president-elect. Unlike their reserved reactions to previous election results, their responses expressed optimism on social media, particularly given the regulatory challenges they faced under the Biden administration, which included numerous antitrust investigations.
As such, tech leaders appear hopeful that a second Trump presidency could foster a more favourable business environment, allowing for corporate mergers, private equity transactions, and venture capital activities stalled due to increased scrutiny and high interest rates. Over the last few years, tech companies have navigated antitrust challenges by creatively hiring founders or licensing technology rather than outright acquisitions.
Trump's return may also alleviate pressures from antitrust investigations, particularly those led by Lina Khan of the Federal Trade Commission (FTC) and Jonathan Kanter from the Department of Justice (DoJ), who have actively pursued actions against Big Tech's dominance. Analysts speculate that Trump could instruct the DoJ to cease its ongoing antitrust lawsuit against Apple amidst broader concerns about EU regulations targeting American tech firms.
The outlook on artificial intelligence (AI) remains uncertain as Trump has yet to define his strategy. However, he has indicated a preference for a more laissez-faire approach and intends to cancel Biden's executive order, which prioritised safety and security in AI development.
Trump has also committed to prohibiting the use of AI to censor American citizens' speech, signalling a potentially transformative period for the tech industry under his leadership.
On privacy, a related article by Axios (£) indicates a renewed effort from pro-business interests and advocacy groups for a federal privacy law will come next year after the efforts to pass a bill stalled in the House of Representatives this year.
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