Facebook's General Counsel Colin Stretch, left, speaks during a Senate Intelligence Committee hearing on Russian election activity and technology. Photo: Jacquelyn Martin / AP

Australia is the latest major ad market to launch an antitrust probe into the dominance that is big U.S. tech. Its competition regulator said Monday that it would investigate whether Facebook and Google "have disrupted the news media market to the detriment of publishers and consumers," per Reuters.

Why it matters: All of the most sophisticated ad markets in the world are very publicly tackling tech antitrust, except for the U.S., which has seen a significant portion of its ad revenue and e-commerce move to Google, Facebook and Amazon. This follows Japan and the E.U. in efforts this year to curb the dominance of the likes of Google, Amazon and Facebook.

Go deeper: Professor and author Scott Galloway, one of the biggest thought-leaders on the business of big U.S. tech companies, gave a scathing presentation at Business Insider's Ignition conference last week on why "The Big Four" — Amazon, Apple, Facebook, and Google — should be broken up. "Our democracies are breaking down because these companies have gotten too powerful," Galloway says.

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Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 19,128,901 — Total deaths: 715,555— Total recoveries — 11,591,028Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 4,884,406 — Total deaths: 160,111 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Trump floats executive action even if stimulus deal is reached.
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Trump floats executive action even if stimulus deal is reached

Photo: Samuel Corum/Getty Images

The White House is finalizing a series of executive orders addressing key coronavirus stimulus priorities if negotiations with Congress fall apart, and it's leaving the door open for President Trump to use them even if a deal is reached that doesn't encompass all of his priorities, two administration officials tell Axios.

What we’re hearing: “I wouldn't be surprised that, if something gets left off the table, we’d be like ‘we can take this executive action too and be able to win on it anyway,’” one official said.

31 mins ago - Technology

TikTok responds to Trump executive order: "We are shocked"

Photo: Jakub Porzycki/NurPhoto via Getty Images

TikTok said Friday that it was "shocked" by President Trump's executive order that will ban Americans from dealing with ByteDance, its China-based owner, in 45 days.

Why it matters: TikTok argued that Trump's move "risks undermining global businesses' trust in the United States' commitment to the rule of law, which has served as a magnet for investment and spurred decades of American economic growth."