After Google and Amazon, US antitrust spotlight turns on Apple and Facebook

Reader's Pick

The American Federal Trade Commission (FTC) has secured the right to examine how Facebook’s practices affect its digital competition, Wall Street Journal reported on Monday, while a Reuters report said the US justice department is considering probing Apple.

The developments form part of a broader US review of whether technology giants are using their size to act in an anti-competitive manner.

Shares of Facebook were down nearly 7% in trading on the Nasdaq, and Apple 3%, after the news broke.

- Advertisement -

The developments underscore a growing American backlash faced by Silicon Valley companies and marks another step by the Trump administration to regulate the biggest tech and social media companies.

The trade commission’s jurisdiction results from an agreement that allows the American justice department to take the reins of a similar antitrust investigation against Google to determine whether it exploited its market dominance, WSJ’s report said, citing people familiar with the matter.

Shares of Alphabet, Google’s parent company, fell as much as 7% on Monday, their biggest drop outside earnings since April 2011.

Antitrust regulators in the United States have divided oversight of Amazon and Google, putting the e-commerce giant under the watch of the Federal Trade Commission and the search giant under the justice department, Washington Post reported on Saturday.

Facebook and Apple both did not immediately respond to a request for comment, while the FTC declined to comment.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.
 

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Bank of Japan keeps monetary policy steady, brings new forward guidance on rates

The Bank of Japan kept its monetary policy steady on Thursday but introduced new...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sought...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($239 billion) with...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the first time ever for...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rahul Gandhi...

CASHe launches WhatsApp-based instant credit line services

India-based credit-led Ai-driven fintech platform, CASHe has announced the launch of Ai-powered chat capability...

Yandex launches AR short video App ‘Sloy,’ for fashion and lifestyle bloggers and brands

In an attempt to engage the local audience and bloggers, Russian search engine giant...

Budget 2022-23: Banking, NEO Bank & NBFC Sector Expectations

Banking, Neo Bank & NBFCs sector expectations from Budget 2022: As Union Finance Minister...

Ampere Electric to setup e-mobility manufacturing plant in Tamil Nadu

Electric Mobility Company Ampere Electric has announced a phased investment potential of Rs 700...

4 Top Challenges in a Small Business

Running a small business is not easy. You will face many challenges along the...

How to choose top payout casinos online

Each casino sets its conditions for the withdrawal of winnings. However, all gambling clubs...

How Ginesys retail ERP Software Can Solve 7 Common Manufacturing Problems

The retail industry is undergoing a massive transformation. Customers nowadays prefer shopping through multiple...

Adtech startup ExperientalEtc raises $200K from StartupLanes

Mumbai-based Adtech startup, ExperientalEtc has raised $200K in series seed round funding led by...

Planning To Start Generating International Sales? This Post Is For You

Whether you’re an established local business or you’ve only recently launched a startup doesn’t...