Axios PM: Facebook's turn on antitrust — Kennedy's departing words — Hunter Biden investigation

1 big thing: Facebook's turn in the antitrust fire | Wednesday, December 09, 2020

Open in app View in browser   Presented By Morgan Stanley   Axios PM By Mike Allen ·Dec 09, 2020 Good afternoon: Today's PM — edited by Justin Green — is 460 words, a 2-minute read. 🚨Situational awareness: Google CEO Sundar Pichai apologized for the company's handling of the departure of AI ethics researcher Timnit Gebru and said he would investigate the events and work to restore trust. Go deeper. Don Jr. plans to travel to Georgia by the end of the month to urge Republicans to turn out for twin Jan. 5 runoffs that'll determine control of the U.S. Senate, and he'll argue that the outcome is crucial to cementing his father's legacy. Go deeper. Hunter Biden announced that his tax affairs are under investigation by the U.S. Attorney's Office in Delaware. Go deeper.     1 big thing: Facebook's turn in the antitrust fire Illustration: Aïda Amer/Axios   The U.S. government and 48 states and territories are suing Facebook, saying its purchases of Instagram and WhatsApp helped shore up an illegal monopoly. Why it matters: With Google already facing an antitrust lawsuit, the Facebook case is another major test of the government's power to police internet giants, report Margaret Harding McGill and Ashley Gold. The FTC is asking the court to make Facebook unwind the Instagram and WhatsApp acquisitions, among other, less drastic remedies. The states and territories want the court to force the company to tell states in advance before embarking on any acquisitions worth $10 million or more. They also suggest the court go so far as to demand Facebook divest past acquisitions or other lines of business. Facebook has argued consumers benefited from those mergers and that neither Instagram nor WhatsApp would be what it is today without Facebook at the helm. "The most important fact in this case, which the Commission does not mention in its 53-page complaint, is that it cleared these acquisitions years ago," Facebook general counsel Jennifer Newstead said in a statement. What's next: With President-elect Biden taking office next month, the FTC's case will ultimately be seen through by an agency with a different lineup of commissioners and a new chairperson. Go deeper.     2. Pic du jour Photo: Marit Hommedal via Getty Images An employee squats between exhibits of the traditional Gingerbread Town in Bergen, Norway.     A message from Morgan Stanley Can VCs turn new focus on race and inequality into long-term impact?     At the end of a tumultuous year, our latest survey found progress in venture capitalists' attitudes and actions to add diversity to their portfolios. But a lot more needs to be done to close the funding gap for women and multicultural entrepreneurs.     3. Catch up quick President-elect Biden and retired Gen. Lloyd Austin during an event today announcing Austin as Biden's choice to be secretary of the Department of Defense. Photo: Chip Somodevilla/Getty Images   Multiple Democratic senators say they won't vote for the waiver allowing retired Gen. Lloyd Austin to become secretary of defense. Go deeper. The Senate confirmed three new members to the Federal Election Commission, finally giving the agency enough commissioners to be able to enforce campaign finance laws. Go deeper. Pennsylvania Gov. Tom Wolf tested positive for COVID-19. He's experiencing no symptoms as he self-isolates. Go deeper. 🎧 Axios Re:Cap goes deeper in a special pop-up episode, with Axios tech reporter Ashley Gold and editor Scott Rosenberg. Listen here.     4. Kennedy's departing words House Television via AP   Rep. Joe Kennedy III's farewell speech today to Congress blasted the "great lie of our times: that the American pie is finite," AP reports. "That for my family to survive, yours must suffer. That the richest nation on Earth is somehow plagued by scarcity — rather than greed." "Loosening that lie's grip on our country is the work of our generation." Kennedy, 40, is a grandson of the late Bobby Kennedy, and the great-nephew of JFK. Video.     A message from Morgan Stanley Introducing the Morgan Stanley Institute for Inclusion     With the first meeting of its advisory board, the Institute embarks on its mission to create an integrated and transparent diversity, equity and inclusion strategy that will drive meaningful change within the firm and in support of underserved communities.     Axios thanks our partners for supporting our newsletters. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon B‌lvd, Suite 1300, Arlington VA 22201   You received this email because you signed up for newsletters from Axios. Change your preferences or unsubscribe here.   Was this email forwarded to you? Sign up now to get Axios in your inbox.   Follow Axios on social media: