JUST IN: US Dept. of Justice announces broad anti-trust review of big tech companies.
It’s the biggest move by Attorney General William Barr, whose growing interest in the tech sector could deepen regulatory pressure on the companies.
Shares of Facebook, Alphabet, and Amazon all fell more than 1 percent immediately after the report. Apple’s stock also declined. President Donald Trump has been a regular critic of Amazon and CEO Jeff Bezos, has claimed that Facebook is biased against conservatives, and recently agreed with an assessment by tech investor Peter Thiel that perhaps Google should be investigated for not working with the U.S. government on a cloud project.
“Without the discipline of meaningful market-based competition, digital ways that are not responsive to consumer demands,” said Makan Delrahim, assistant Attorney General of the Justice Department’s antitrust division, inThe DOJ said the goal of its review is to “ensure Americans have access to free markets in which companies compete on the merits to provide services that users want. If violations of law are identified, the Department will proceed appropriately to seek redress.
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