'I come to praise the titans of tech, not bury them,' 'Mad Money' host Jim Cramer said as Big Tech chief executives testified in front of a congressional subcommittee.
These companies are the "best things the American economy has going for it" and the hearings "feel more like an opportunity to rake the ultra-rich over the coals," he said.
America is the "top dog" in many parts of the technology industry, particularly those that big tech deals in, and the country needs to leverage tech to stay competitive with the rest of the world, especially an ascendant China, Cramer said. In Wednesday's hearing, Facebook's Zuckerberg was bashed for acquiring WhatsApp, then a nascent rival messaging app, for $19 billion in 2014.
Google's Pichai, who added the title of Alphabet CEO in December, was grilled on the company's China connections after dropping out of the U.S. Department of Defense's $10 billion Joint Enterprise Defense Infrastructure, or JEDI, cloud project deal. The chief was also questioned about its now-abandoned work on a Chinese search engine project called Dragonfly.
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