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Amazon Shares Fall After Labor Dept. Official Discloses Stock

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Amazon shares fall after labor Dept Official Discloses stock holdings. Daniel Koh, who is Chief of Staff for the U.S. Dept. of Labor, got rid of his holdings in Amazon today after it was disclosed in his reports on his personal financial state that he owned a modest stake in Amazon.

Conflict

Chief Koh’s financial reveals showed that Koh owned Amazon shares worth approximately $100-200. A Department of Labor confidant reported that Koh immediately sold those shares after the word leaked that he owned them.  A staff member at Labor Department commented that Koh made his revelations as is required and is “awaiting the standard guidance from an ethics lawyer on potential conflicts of interest.”

Chief Koh’s holdings represented a possible conflict of interest because the Department of Labor is the regulators and enforcer of workplace health and safety standards. Amazon has recently been involved in a scandal concerning workplace hostility and mistreatment.

Big Tech

Big Tech is moving into law-making hot water again. Today President Biden asked the Federal Trade Commission and Department of Justice to crackdown on already extant rules, and create new ones that may conflict with the market domination of America’s largest tech companies.

This executive order which came from the President includes the FTC, and it makes them create harsher rules over mergers as well. This will make more difficult for big tech companies to subsume their smaller competitors. An example would be Facebook and Instagram and WhatsApp. It should also make it harder for firms to utilize their customers’ data to make competing tech.

MetaNews is monitoring the development of these events and regulations. Amazon shares have only fallen slightly as a result of the potential conflict of interest with Chief Koh. Amazon shares fall after labor Dept. Official Discloses stock holdings. Of course this is the end of the week, and we won’t know more till next week. But of course we will keep our readership advised and informed.

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Billy Houghton

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