Big Tech's Great Reckoning

A spate of new laws in Europe and the U.S. Foreshadow What Could Be the End of dominance for Google, Facebook and Amazon

- By David H. Freedman. Photographs by Vlad Rachuk, Getty, Sam Hall, Bloomberg and Joan Cros

IN FEBRUARY, THE COMPANY FORMERLY KNOWN as Facebook lost $232 billion in value in the stock market—the biggest loss ever suffered by a U.S. company in a single day, a plunge equal to the combined market values of Netflix and Fedex. By the end of April, the stock had lost another fifth of its value.

Meta Platforms, as the company is now formally known, can only wish that a brutal stock beating is its only problem. Meta faces serious threats on several fronts, and any one of them might prove existential. For the first time in its 18-year history, the number of people who use the once-ubiquitous-seeming Facebook social network has been dropping. Privacy protections added by Apple last year to its phone software are hobbling Facebook's bread-and-butter ad business, which depends on keeping tabs on what users are up to. And the all-important youth market is shunning Facebook in favor of TikTok.

Meta is also facing a daunting level of ire, which is splashing over onto the rest of Big Tech-that is, Google, Amazon, Apple and Microsoft. These tech giants and Meta are facing scrutiny from regulators and legislators both in the U.S. and Europe. And they are all objects of an intensifying resentment on the part of the public. A sign of the times: A Democratic Congressional candidate in Virginia, Andy Parker, was, until pulling out in mid-April, running almost entirely on a platform of curbing Big Tech's enabling of bad behavior online.