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CEO Mark Zuckerberg at a Facebook conference in April. Photo: Amy Osborne/AFP/Getty Images

Tech executives and Wall Street analysts were generally surprised by the sudden antitrust squeeze planned by both the administration and the House.

Why it matters: Going into 2020, neither party wants to be seen as being asleep at the wheel when it comes to holding Big Tech accountable. 

Conventional wisdom in both Washington and on Wall Street had pegged regulatory action around privacy, First Amendment issues and advertising rules.

  • A Republican administration wasn't expected to take a hard line against the "bigness" of successful American icons.
  • After hearings focused on social media's impact on elections, Facebook and Twitter looked more vulnerable to D.C. action than Amazon, Apple and Google — which are included in new investigations by DOJ and the FTC.

The bottom line: Meaningful privacy legislation looks less likely than it did just six months ago, so regulators are looking at other approaches. 

Go deeper: What Apple, Facebook and Google each mean by "privacy"

Editor's note: This story originally described an antitrust inquiry as by House Democrats. The effort by the House Judiciary Committee is bipartisan.

Go deeper

Felix Salmon, author of Capital
5 mins ago - Economy & Business

Meme stonks lose their appeal to the world of crypto

Data: Cardify; Chart: Axios Visuals

That sucking sound you hear is the outflow of meme-chasing dollars from the stock market.

Why it matters: The caravan has moved on. The dream of getting rich quick still lives, but today it's more often found in the world of crypto, NFTs or even sports betting than it is in the stock market.

Latinas who brew seek to shake craft beer industry

A server at Mujeres Brew House in San Diego rings up a customer in front of a selection of craft beers. Photo: Russell Contreras/Axios

Independent craft brewers are popping up in cities across the country, and a small but growing number of them are Latina-owned or run by a Latina head brewer.

The big picture: Latinas are opening up independent craft breweries from California to Colorado as Latina-owned small businesses continue to be one of the fastest-growing segments of the economy despite a lack of venture capital.

54 mins ago - Sports

China pulls Celtics games after Enes Kanter criticizes Xi Jinping

Celtics center Enes Kanter. Photo: Jim Michaud/MediaNews Group/Boston Herald via Getty Images

China will no longer stream Boston Celtics games after center Enes Kanter called Chinese President Xi Jinping a "brutal dictator" in a social media post over the Chinese government's repressive policies in Tibet, according to the New York Times.

Why it matters: Kanter's criticism of Beijing has sparked another round of trouble for the NBA in China, one of its largest and most restrictive markets.