*By Michael Teich*
Democrats led by Senator Mark Warner are stepping up the charge against big tech, but they may not accomplish anything unless the party makes major gains in the midterm elections, according to Axios reporter David McCabe.
Disinformation and privacy concerns on social media platforms have become a major concern of many lawmakers after Russian interference in the 2016 U.S. Presidential election was uncovered.
"It's not hugely surprising to see Democrats engaging on the disinformation piece because of the concerns about 2016," McCabe said Tuesday in an interview with Cheddar.
Facebook has spent nearly two years working to counter political misinformation campaigns on its platform. The company announced Tuesday it found and removed 32 pages and accounts linked to an influence campaign on Facebook and Instagram. Warner said in a statement Tuesday that "the Kremlin continues to exploit platforms like Facebook to sow division and spread disinformation."
Before Facebook's announcement, McCabe had obtained Warner's policy papers, which propose 20 ways to address disinformation online, protect user privacy, and encourage greater competition.
McCabe said he's skeptical that Warner's proposals can be enacted in the near-term. Despite a growing tech-lash and heightened concerns over data privacy that resulted from Facebook's Cambridge Analytica scandal, the issues are not priorities for Democrats or Republicans.
"Going into midterms, this hasn’t proven to be a big election issue," McCabe said before Facebook's latest revelation.
If Democrats can shift party control of Congress in November, they may be able to get enough momentum behind Warner's ideas, said McCabe. But even if they do well in midterms, the Democrats will have to go up against big tech's robust lobbying efforts. McCabe said the Democrats' intentions, as outlined by Warner, may prompt tech companies to spend even more on lobbying lawmakers in Washington.
In September, legislators will question social media executives including Twitter's Jack Dorsey in order to evaluate how government regulations might prevent the spread of misinformation and propaganda on social platforms.
For more on this, [click here](https://cheddar.com/videos/mark-warners-uphill-battle-against-big-tech).
Pinterest recently added augmented reality to its portfolio. The image sharing and social media platform's new e-commerce tech will allow consumers to interact with retailers and visualize online products inside their homes.
Wave Neuroscience is a neurological health tech company that specializes in clinical and at-home personalized brain stimulation technology. Erik Won, president and chief medical officer and Fred Walke, CEO, joined Cheddar's Opening Bell to discuss their company's hopes for allowing patients to identify and treat unique brain disorders while empowering them to understand their unique neurological makeups — including for the high-stress positions of professional athletes. "We have a mobile device that provides a very light stimulation that gives them a therapy that gives them confidence so there's a just knowing that they're doing something for it," said Walke. "But it also helps them get back into a rhythm. It helps their brain synchronize around certain frequencies that that we target, and it helps them really understand that they've done everything they can to get to their highest level of success."
Logitech posted better-than-expected earnings in its third quarter, reporting sales of $1.63 billion dollars, down 2% from the year ago quarter, but well ahead of the Wall Street consensus of $1.48 billion dollars. The PC and gaming peripherals company also raised its annual guidance for both sales and profitability. Bracken Darrell, Logitech CEO, joined Cheddar to break down his reaction to the results, how the pandemic played a role in its growth, and where he wants to take the company next.
GM is scheduled to report its Q4 earnings after the bell on Tuesday February 1. Wall Street expects a miss as the automaker navigates the global chip shortage, which has hit car sales hard. Investors are looking for an update on production, as well as outlook for the electric vehicles that GM is investing billions to bring to market. Karl Brauer, executive analyst at iseecars.com, joined Cheddar to give a preview of the automaker's report.
Recent data reveals that streaming giants are struggling to retain subscribers in the months following a major release.
According to data from Antenna, subscriber trends show that users will subscribe to a given streaming service just to watch a particular show, and then cancel those subscriptions shortly after. This comes as the streaming space continues to heat up as new entrants crowd the space. Jon Christian, Founding Partner + Digital Supply Chain Leader at OnPrem joined Cheddar's Opening Bell to discuss.
As airlines continues to face massive pilot shortages, United Airlines is opening a training academy for future pilots. United projects that the academy will train around 5,000 new pilots by 2030. David Slotnick, Senior Aviation Business Reporter at The Points Guy joined Cheddar's Opening Bell to discuss.
Stocks opening mostly higher to close out a wild week on Wall Street. It comes as investors continue to digest comments from the Federal Reserve, as well as the latest slew of earnings. Gene Goldman, Chief Investment Officer at Cetera, joined Cheddar's Opening Bell to discuss.
Democratic lawmakers are now calling on Bitcoin mining companies in the U.S. to assess how much electricity they use and how it could all potentially impact residents and the environment in the near future. Since its conception, crypto mining has been at the center of a debate. The question is: Is crypto mining playing a key role in renewable energy or could it totally derail U.S. climate goals? Host of The Wendy O show Wendy O, joined Cheddar to discuss more.
