By Dana Sanchez
While the U.S. economy was shrinking 9.5 percent in the second quarter of 2020, three of the country’s four largest tech companies had a blowout Q2, even as their customers and business partners were enduring deep financial pain from covid-19.
It didn’t hurt that big tech spent more than $20 million on lobbying in the first half of 2020, including on coronavirus legislation.
“Big Tech has been the stalwart on Wall Street this year. Amazon and Apple are up 71 percent and 44 percent, respectively, in 2020,” CNBC reported.
Industry observers say the strong performance by top tech firms shows they benefited disproportionately from the covid-driven rise in digital activity as people around the world are forced to work, learn and entertain themselves from home.
On Wednesday, CEOs of Amazon, Apple, Alphabet and Facebook testified remotely before Congress during antitrust hearings on a six-hour video conference.
Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Apple’s Tim Cook and Google’s Sundar Pichai were asked — and Click here to read entire article