Trump's second term is poised to reshape Big Tech antitrust and market dynamics

Trump’s appointed FTC chair could usher in a much more lax regulatory environment with weaker antitrust regulation over Big Tech. As an FTC commissioner, Andrew Ferguson has dissented from several of Lina Khan’s regulatory efforts. For example, Ferguson plans to roll back bans on noncompete clauses and rules that make it easier for consumers to cancel recurring subscriptions. If implemented, these changes could disadvantage workers and consumers while giving corporations the means to quash competition.

Andrew Ferguson strongly aligns with Trump’s “America First” priorities, indicating increased protection for US-based tech firms against foreign competition and deregulation. Loosening regulation is likely to accelerate mergers and acquisitions that were in a holding pattern due to strict regulatory oversight under President Joe Biden. A government-led clampdown on foreign competition through tariffs and bans would reshape markets and alter longstanding trade dynamics that could result in foreign countries retaliating with their own tariffs—raising prices for consumers.

The FTC’s new leadership signals a seismic shift from Khan’s consumer-focused competition policies toward looser merger restrictions and fewer consumer protection cases. The conservative-driven and pro-business reforms will likely also result in a surge in investments.  Big Tech platforms might still face crackdowns for issues like censorship, a GOP talking point during the election. Meta ending fact-checking on Facebook, Threads, and Instagram this week to emulate X’s “community notes” approach indicates how platforms could walk back content moderation to gain government favor. 

Big Tech CEOs are also openly aligning with Trump’s administration after years of weathering antitrust scrutiny and regulation under Biden. Meta, Apple CEO Tim Cook, OpenAI’s Sam Altman, Google, and Amazon have each contributed $1 million to Trump’s inaugural fund. From this group, only Amazon and Google made $200,000 contributions to Biden’s inaugural fund four years ago. Financial contributions from Big Tech and CEO visits to Trump at Mar-a-Lago indicate a desire for smooth relationships between the country’s most valuable businesses and the incoming conservative government. “The first term, everybody was fighting me,” Trump said, per US News. “In this term, everybody wants to be my friend. 

Tech CEOs extending an olive branch to the incoming president could go a long way in easing regulatory scrutiny, leading to a rise in investments and spurring M&A activity. Mergers steadily trended upward in 2024 for sectors like digital media and marketing in 2024, per Luma Partners. Big Tech companies understand that they have a huge opportunity for growth and expansion but that they will need to work in lockstep with the incoming administration’s initiatives or risk facing backlash.

Editor’s note: This article is part of a series on how the incoming Trump administration will affect key sectors of retail, marketing, tech, and finance. Keep an eye out for the full report, publishing just ahead of Inauguration Day.