The House Judiciary Committee, on Monday, was seen announcing a sweeping antitrust probe of unspecified companies dealing technology. It was seen promising in lines presenting “a top-to-bottom review on the giant tech platforms dealing market power”, which was seen underlying first time in Congress.
Shares of Apple, Amazon, Facebook, & Google were seen dropping significantly after the report that concerned investigations by federal authorities dealing with the anti competitive behavior at huge mostly by famous tech giants. Stocks at Facebook were disturbed by dropping 7.5%, the Google parent Alphabet has noticed a drip by 6.1%, Amazon was seen at a verge of 4.6% and Apple was seen falling 1% as per as a little information imparted in the discussion.
The underlying developments tend to appear as a forming wall between the Federal Trade Commission and the Department of Justice’s Antitrust Cops. The Justice Department would deal over Google & Apple, while the FTC would investigate on Amazon & Facebook.
As per reports flashed over the weekend, remarked the competition investigation on Google by the Justice Department. The Wall Street Journal on Monday claimed through unnamed sources that FTC has received the rights for bringing a possible investigation on Facebook.
Investigations take years for implementation than the reaction time of the investors. Words by Blair Levin, chief of staff in FCCC remarks, “I think the speculation is becoming more real, but antitrust is not a 24-hour event”. Indeed the government is seen taking actions still the result can reshape itself into many different forms, from regulation to the inclusion of privacy policies.
He also was recorded saying that investigation can cost years for a result, ‘there is still a long way to go….’ European authorities have seen covering the ground that U.S. regulators have ignored resulting in huge fines for Google than other companies. Political laws might differ but regulations are seen at a lacking pace in the fast techy era.
Vaheesan likes the government to look over the dominating market practices by the big dealers by acquisition on the list including Facebook’s of Insta and Google’s of YouTube. “The problem with all this antitrust talk: The consumer isn’t being gouged,” words recorded by analyst Mr. Michael Pachter with Wedbush Securities.
The FTC is investigating Facebook and has declined for making any statements, for the time being. $3 billion has been reserved by FB but as per assumption, the fine could exceed $5 billion.