Democratic sweep in the Senate would be ‘clear negative’ for Big Tech: Dan Ives

Emily and Erin from Yahoo Finance said that With Democrats declaring victory in a closely watched Senate runoff race in Georgia, America’s tech giants may face even more scrutiny from U.S. lawmakers amid a broader tech backlash.

“To be blunt, it’s a clear negative for Big Tech as ultimately with a Senate now likely controlled by Democrats we would expect much more scrutiny and sharper teeth around FAANG names with potential (although still a low risk) legislative changes to current antitrust laws now on the table,” Dan Ives of Wedbush wrote in a note Wednesday morning.

The Georgia runoff race has captivated the nation, as victories from two Democrats would result in 50% control of the Senate with incoming Vice President Kamala Harris able to serve as a tie-breaker. Votes are still officially being counted in Georgia, but the race has been called for Democrat Rev. Raphael Warnock, who defeated the incumbent Republican, Sen. Kelly Loeffler.

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