FT News Briefing Brussels strikes back against Big Tech
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Jun 26, 2024 Electric vehicle excitement is in the air as Rivian's shares soar after Volkswagen's $5 billion investment! Meanwhile, global clean energy investments are predicted to reach a staggering $2 trillion next year. The EU is hitting back at tech giants, charging Microsoft with antitrust violations, amidst a tightening regulatory landscape. Additionally, a deadlock in the U.S. Senate could threaten ambitious global tax reforms. The situation presents both challenges and opportunities in the tech and clean energy sectors!
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Volkswagen's Rivian Investment
- Volkswagen invests $5 billion in Rivian to boost its EV software.
- Rivian's share price surged after the announcement, as it has struggled since its 2021 IPO.
EU's Big Tech Crackdown
- The EU charged Apple and Microsoft with antitrust violations.
- This demonstrates the EU's increasing power in regulating big tech, using both new (DMA) and existing competition laws.
Clean Tech Investment
- Clean tech investment is expected to reach $2 trillion in 2024, surpassing fossil fuel investment.
- However, this is still insufficient to meet net-zero goals, requiring more than double that amount annually by the early 2030s.