On Wednesday, Jim Cramer voiced his apprehensions regarding Gail Slater’s potential appointment as Assistant Attorney General for Antitrust.
What Happened: The host of CNBC’s Mad Money took to X, formerly Twitter, and highlighted that Slater is not perceived as a supporter of major tech companies.
This includes tech giants like Alphabet Inc.'s GOOG GOOGL Google. Her role will focus on addressing competition issues, a priority underscored by President-elect Donald Trump.
Slater is expected to continue the antitrust division’s efforts against big tech, a stance Trump reiterated on his social media platform.
"She’s not known as a friend of big tech," Cramer stated, adding, "Not good for Google for certain."
Slater’s background includes serving on the White House’s National Economic Council in 2018 and working with Fox Corp and Roku. Her experience at the FTC involved blocking mergers, such as Whole Foods’ acquisition of Wild Oats.
Why It Matters: Last month, the U.S. Department of Justice sought a court order compelling Google to divest its Chrome browser after a ruling determined the company had unlawfully monopolized the search market.
President-elect Trump’s administration has signaled a tough stance on tech giants, with policies that could significantly impact companies like Apple Inc. AAPL and Google.
Trump’s proposed tariffs, as high as 60% on goods made in China, could affect companies like Apple, which manufactures most of its products there. This could lead to increased costs for consumers.
Previously, Trump expressed concerns about Google’s market power, though he stopped short of endorsing a breakup. He has also criticized the company’s search results for alleged bias.
Earlier, venture capitalist David Sacks predicted a high likelihood of legal action or a breakup of Google under Trump’s administration, citing the company’s dominance in search, advertising, and YouTube.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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