Big tech companies spent nearly half a billion on lobbying over the past decade, including record amounts in political spending by the so-called FAANG companies: Facebook (NASDAQ: FB), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX), and Google (NASDAQ: GOOGL).
Facebook spent $16.7 million on lobbying last year, a record amount for the company. The year before, they spent $12.6 million. Between 2010-2019, the social media giant spent nearly $81 million on lobbying. Like Facebook, Amazon spent more last year than the year before, a record $16.1 million up from $14.4 million. Apple spent $7.4 million last year on lobbying, which was more than its $6.7 million in 2018. Out of all the FAANG companies, Netflix spent the least on lobbying. Back in 2015, Netflix spent $1.3 million, but they've decreased that spending over the years. Last year, Netflix spent just $850,000 on lobbying, up from $800,000 the year before. Google by far led the charge in lobbying over the past decade at $150 million. Last year alone, Google spent $11.8 million, less than in previous years.
Because FAANG holds incredible power in part due to sheer size, the companies' volume of influence is something Congress and other political bodies have been trying to monitor closely and regulate within reason. Harsher scrutiny under the political eye has become apparent since 2016 following Russian interference in U.S. elections, leading to the federal government paying closer attention to signs of FAANG's possible antitrust, monopolization behavior.
"These companies, because they are so large, have tremendous economic power and tremendous political power," said Rep. David N. Cicilline, a democratic representative of Rhode Island. "And they're spending hundreds of millions of dollars to try to protect the status quo."
Cicilline is leading a House antitrust investigation of big tech. In addition to congressional inquiries, the Justice Department and Federal Trade Commission (FTC) are also actively pursuing antitrust investigations into big tech companies.