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U.S. Justice Department Opens Antitrust Probe Against Major Tech Companies

By Yana Berman

The United States Justice Department started an antitrust investigation against Facebook, Amazon, Google, and Apple, The Wall Street Journal reported on Tuesday, July 23.

U.S. Justice Department Opens Antitrust Probe Against Major Tech Companies

The regulator will review whether the tech giants were violating the competition rules in such areas as web search, social media, and retail. The antitrust probe will be led by Attorney General William Barr.

The U.S. DOJ will examine the pace of companies' growth and the additional businesses they acquired. The watchdog also wants to find out how users' data is treated by major companies.

Following the announcement, the shares for the mentioned companies have seen a mild decline. While Apple and Google's parent company Alphabet were down by 0.4% and 0.96%, respectively, Amazon lost 1.13%, and Facebook about 1.65%.

In February, the U.S. Federal Trade Commission (FTC) created a task force in order to combat monopolies and prevent the possible violation of antitrust regulations.

In July, U.S. authorities introduced a draft bill dubbed “Keep Big Tech Out Of Finance Act,” which aims to bar major tech companies from acting as financial institutions. The move came after Facebook announced its long-awaited cryptocurrency Libra.

Tokenised securities are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how tokenised securities and leverage work and whether you can afford to take the high risk of losing your money. Nothing in the above article should be regarded as a recommendation to trade generally, to trade on a particular platform or to trade in a particular asset. Asset prices can go down as well as up and past performance is not a guide to future performance. Investors and traders should thoroughly research an asset or strategy before making any trading or investment decision and if necessary seek professional advice.

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