Washington is turning up the heat on Silicon Valley. In a combative House hearing Thursday, the leaders of Facebook, Twitter Inc., Alphabet Inc. and its Google unit were accused of running platforms that sow political discord and spread Covid-19 misinformation and lacking accountability. The hearing built momentum for revisions of Section 230, the law shielding platforms from liability for users’ content. Facebook shares fell 1.2% Thursday, Twitter shares lost 1.4% and Alphabet shares ended flat.
Apollo Global Management Inc.
The Leon Black era at Apollo is officially over. The billionaire is stepping down as its chairman amid a governance overhaul kicked off by revelations of his ties to disgraced financier Jeffrey Epstein. The firm previously said Mr. Black would stay in the chairman’s seat while relinquishing his role as chief executive. Mr. Black cited his and his wife’s health issues in announcing his decision Monday. An independent review previously revealed that Mr. Black paid Epstein a total of $158 million for tax- and estate-planning services, far more than was previously known. Apollo also said Monday that co-founder Marc Rowan has formally assumed the title of CEO, a transition the firm said in January would take place before July 31. Apollo shares rose 4.5% Monday.