Big tech companies shouldn’t be punished for innovation and success: Steve Moore

By TechnologyFOXBusiness

Steve Moore on potential antitrust probe: Companies shouldn’t be punished for being innovative

Heritage Foundation economist Steve Moore on the report that the Federal Trade Commission may launch an antitrust investigation into big tech companies.

U.S. tech firms are facing greater scrutiny from federal antitrust officials.

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The Department of Justice and Federal Trade Commission have Amazon, Apple, Facebook and Google parent Alphabet Inc., in their crosshairs as they look to expand oversight.

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Heritage Foundation economist Steve Moore told FOX Business he would rather see American tech companies dominate on a global scale, rather than one from a foreign country.

“I hate the idea that a company should be punished for being innovative and successful and capturing market share,” he said. “Isn’t a good thing that these are American companies?”

Reports of the antitrust probes come as the U.S. is locked in trade disputes with its two largest global trading partners, China and Mexico.

“This is not a good time to be bringing up antitrust violations against what potentially are [the] five largest and fastest growing tech companies,” Moore said.

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Moore, a Trump campaign senior economic adviser, said now is the time to energize the U.S. economy and put aside any situation that pits big government against big business.

“I don’t always approve what these companies do, as a conservative,” he said. “I am going to take the side of big business.”

TickerSecurityLastChange%Chg
AMZNAMAZON.COM INC.1,994.49+8.86+0.45%
APPLn.a.n.a.n.a.n.a.
FBFACEBOOK INC.202.36+0.04+0.02%
GOOGLALPHABET INC.1,148.05+8.84+0.78%

Shares of Amazon, Apple, Facebook and Alphabet tumbled on reports of potential antitrust probes. The tech-heavy Nasdaq Composite entered correction territory on Monday, after closing 1.6 percent lower.