*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).
Amazon's blog post announcing it will pull the plug on its New York City headquarters is nothing but a bluff to bring politicians back to the negotiating table, said D.A. Davidson Analyst Tom Forte. "Absolutely Amazon's bluffing," Forte told Cheddar Friday.
From Wall Street to Silicon Valley, these are the top stories that moved markets and had investors, business leaders, and entrepreneurs talking this week on Cheddar.
Wham-O, a company best known for mass-marketing iconic toys like the hula hoop and Frisbee, manufactures most of its toys in China. But only now that has chosen to branch out into e-bikes does the company anticipate feeling the sting of the ongoing trade war. "To date, it hasn't really affected us that much," Wham-O President Todd Richards told Cheddar. "Now with this new technology and this new product, we foresee a little bit of a cost impact."
These are the headlines you Need 2 Know for Friday, Feb, 15, 2019.
A Nashville councilwoman called Amazon's abrupt cancelation of plans to build a campus in New York City "disheartening" on Thursday, saying it sends a negative signal about the company's willingness to work with local officials. "It seems like the politicians up there and the local elected officials started asking tough questions, and that's what elected officials are supposed to do ー we're supposed to be stewards of the taxpayer dollars," Councilwoman Kathleen Murphy told Cheddar.
Despite tumbling shares post-earnings and the loss of a longtime executive, SurveyMonkey CEO Zander Lurie is bullish on the future, saying independence from big tech backing could prove to be an advantage in an increasingly competitive market.
Amazon's decision to pull its new HQ2 out of New York City is very bad for the city ー and a sign that the home of Wall Street is falling victim to anti-business attitudes, according to former CKE Restaurants CEO Andy Puzder. "I think it's a hit to the New York economy. New York is a big city, it's a strong city, but it used to be the home to capitalism. Now it's coming under some of these socialist policies and it's going to lose companies like Amazon ($AMZN)," Puzder told Cheddar on Thursday.
Tilt Holdings CEO Alex Coleman is bullish on U.S. cannabis ー and Tilt is positioning itself to have a presence nationwide take full advantage of the shift from medical to recreational legalization as it happens. "There's no question this will be the biggest market ー our internal numbers say probably $100 billion," Coleman told Cheddar on Thursday.
Amazon has backed out of its plan to build a second headquarters in Queens, New York. The abrupt decision shocked even those who opposed Amazon's planned expansion in Long Island City. Cheddar spoke with Jimmy Van Bramer, deputy leader of the New York City Council.
Trufan, a new platform letting brands and influencers reward their most loyal fans on social media, has attracted the attention of big names in sports and entertainment, but CEO Swish Goswami told Cheddar he's taking a "very Canadian approach" by catering to mom-and-pop shops as well.
