California Gov. Gavin Newsom warned in an interview for "Axios on HBO" that his state’s Big Tech giants — Google, Facebook and others — will soon get "steamrolled" by federal regulations, and deserve to be hit with new restrictions on their wealth and reach.
Why it matters: Newsom is friends with several tech moguls, including Tesla's Elon Musk and Google co-founder Sergey Brin. And his state relies heavily on the big profits of Big Tech to fund California. Big changes will hit them at the state and federal level, he said.