Host of the Fox Business show “Varney & Company” Stuart Varney, said the federal government is set to move on heavier regulations for tech companies and believes Facebook will take a hit as result.
“This is really about those big name technology companies, which really dominate the economy and they’re part of everybody’s lives,” Varney said on “Fox & Friends” Wednesday. “Those big name tech companies ran this stock market straight up. They were wonderful performers. They got a mountain of cash. They dominate people’s lives. They dominate the market, until now.”
“Suddenly, they’re in trouble,” he continued. “Because they’re so big, so powerful, so intrusive, that politicians want to get a grip on them and reign them. And if they reign them in … you reign those big tech companies in and the stock price goes down. That’s what we’re seeing at the moment,” he continued.
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Varney said Facebook relies on taking users’ information and selling it. He believes talks of changing its business model has caused the company’s stock to fall.
“Their business model is they take your information and sell it at enormous profit. Is that business model going to be changed or restricted in the future? It sure looks like it, especially in the case of Facebook. If that happens, you restrict their business model. You restrict that high flying stock and you send it down. Facebook hit $195 a share earlier, either early this year or late last year. It’s now at 150,” Varney concluded.
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