Big Tech's $300mn election war chest rattles Democrats

Three hundred million dollars: that's the amount pro-Big Tech groups are investing in the U.S. elections, even as the majority of voters are calling for more regulations on the big Silicon Valley companies. The paradox is clear: we often think that public pressure leads to stricter regulations, but when money comes into play on this scale, democracy itself is called into question. Here's the argument: Big Tech's real power lies not only in the products we use every day, but in its ability to shape the rules of the game—and in America, in 2024, they are putting an amount of money on the table that exceeds the election budgets of entire political parties. Take the example of groups like NetChoice, which represents Amazon, Google, and Meta. They have raised funds for pro-industry campaigns at a time when even many Democrats—who are theoretically the most hostile to Big Tech—are uncomfortable with this deluge of money. An adviser close to the Democrats put it bluntly: “We've never seen such a mobilization by tech companies in a single election cycle.” Behind these numbers are stories of quiet lobbying: lobbyists meeting with lawmakers, targeted advertising campaigns against the most troublesome bills, and promises of investment in key states. One Democratic senator reported receiving fifteen meeting requests in a single week from representatives of digital platforms. But there is one fact that cannot be ignored: a recent Pew poll shows that 65% of Americans want tougher regulations on Big Tech, yet Congress remains deadlocked. And here we come to the point that often eludes us: it's not just a matter of money, but of public narrative. While citizens are calling for more regulations, companies are investing in narratives that portray them as indispensable for the economy and for freedom of expression. We think we are the ones who choose the regulations, but often it is the companies that choose the menu of possible laws. And now, here's a perspective that is rarely discussed: if politicians become accustomed to receiving these colossal sums, the risk is that regulations will never truly be “against” Big Tech, but rather drafted with their consent. True power lies not only in blocking an unwelcome law, but in deciding which laws are even considered. The key phrase to remember is this: whoever controls the campaign budget also controls the pace of democracy. If you think this story changes the way you view elections, you can click “I'm In” on Lara Notes: it's your way of declaring that this perspective now belongs to you. And if tomorrow you tell someone that Big Tech spends more than political parties to shape the rules, you can report it on Lara Notes using Shared Offline — because some conversations are too big to keep among a few friends. This Note comes from the Financial Times, and it saved you more than a minute compared to reading the original article.