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US DOJ targets tech giants in antitrust probe

24 Jul 19

LONDON (ShareCast) - (Sharecast News) - The US Department of Justice is opening an antitrust review into major technology firms such as Amazon, Apple, Facebook and Google to control the reach of their power and complaints of unlawful detriment of competitors.

"The Department's review will consider the widespread concerns that consumers, businesses and entrepreneurs have expressed about search, social media, and some retail services online," the Department of Justice said in a statement.

The US Department of Justice said its anti-trust review would consider "whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation or otherwise harmed consumers".

The DOJ investigates firms it suspects of breaching competition laws, and it can even break up companies that are considered too dominant in the market.

"Without the discipline of meaningful market-based competition, digital platforms may act in ways that are not responsive to consumer demands. The department's anti-trust review will explore these important issues." Assistant Attorney General Makan Delrahimo of the Anti-trust Division, said in a statement.

The department didn't specify which firms it would look at but some of the so-called 'FAANG' companies - Facebook, Amazon, Apple, Netflix and Google owner Alphabet - could be targeted.

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Market Data

Currency US Dollars
52 Week High $2,020.99
52 Week Low $1,343.96
Shares Issued 492.05m
Market Cap $882,822m


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