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| US tech stocks slide as Google, Facebook and Apple fear antitrust investigations | |
| (about 1 hour later) | |
| US tech stocks were dragged down Monday on fears that a US justice department antitrust investigation into Google parent Alphabet could signal additional regulatory scrutiny for the sector. | US tech stocks were dragged down Monday on fears that a US justice department antitrust investigation into Google parent Alphabet could signal additional regulatory scrutiny for the sector. |
| The tech giant’s shares briefly fell into bear market territory, dropping 6.7% to $1,032.04 – the lowest level for the company’s stock in five months and down 20.4% from its April high of $1,296.97. | The tech giant’s shares briefly fell into bear market territory, dropping 6.7% to $1,032.04 – the lowest level for the company’s stock in five months and down 20.4% from its April high of $1,296.97. |
| Coupled with a renewed pressure on Facebook shares, which fell 4% on Monday on similar fears of increasing potential for action by US regulators, the tech-heavy Nasdaq exchange was pushed into correction territory. | Coupled with a renewed pressure on Facebook shares, which fell 4% on Monday on similar fears of increasing potential for action by US regulators, the tech-heavy Nasdaq exchange was pushed into correction territory. |
| Pressure on Alphabet and Facebook comes as US regulators prepare to scrutinize both over competition and privacy concerns. | Pressure on Alphabet and Facebook comes as US regulators prepare to scrutinize both over competition and privacy concerns. |
| Under a regulatory agreement, the justice department had given the Federal Trade Commission (FTC) control of any antitrust investigation into Facebook, while its own investigators will maintain oversight of Alphabet and Google. | Under a regulatory agreement, the justice department had given the Federal Trade Commission (FTC) control of any antitrust investigation into Facebook, while its own investigators will maintain oversight of Alphabet and Google. |
| Trade commission investigators have been looking into Facebook’s handling of privacy issues related to how it handles users’ data for over a year. Placing the inquiry in the hands of the FTC suggests regulators are interested in a wider review of the company beyond questions of whether the social media giant is stifling competition. | Trade commission investigators have been looking into Facebook’s handling of privacy issues related to how it handles users’ data for over a year. Placing the inquiry in the hands of the FTC suggests regulators are interested in a wider review of the company beyond questions of whether the social media giant is stifling competition. |
| Nancy Pelosi condemns Facebook as 'willing enablers of Russian interference' | Nancy Pelosi condemns Facebook as 'willing enablers of Russian interference' |
| In contrast, the justice department’s examination of Google’s search practices, first reported by the Wall Street Journal last week, is probably focused on antitrust issues. A previous FTC investigation into Google was shut down in 2013 without major action against the company. Renewed US scrutiny follows EU regulatory action that led to multibillion-dollar antitrust fines. | In contrast, the justice department’s examination of Google’s search practices, first reported by the Wall Street Journal last week, is probably focused on antitrust issues. A previous FTC investigation into Google was shut down in 2013 without major action against the company. Renewed US scrutiny follows EU regulatory action that led to multibillion-dollar antitrust fines. |
| Both inquiries comes as US tech giants face increased political heat from lawmakers who question their size and dominance. Earlier this year, Massachusetts senator and Democratic presidential candidate Elizabeth Warren called for their breakup, while other candidates have called for increased scrutiny. | Both inquiries comes as US tech giants face increased political heat from lawmakers who question their size and dominance. Earlier this year, Massachusetts senator and Democratic presidential candidate Elizabeth Warren called for their breakup, while other candidates have called for increased scrutiny. |
| Google’s rivals have long lobbied the US antitrust regulators to take action, and some former senior Facebook executives have called for tighter controls on their old company. Political pressure intensified last week when Facebook refused to take down a video of House speaker Nancy Pelosi that had been slowed to make her appear intoxicated. | Google’s rivals have long lobbied the US antitrust regulators to take action, and some former senior Facebook executives have called for tighter controls on their old company. Political pressure intensified last week when Facebook refused to take down a video of House speaker Nancy Pelosi that had been slowed to make her appear intoxicated. |
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