If this actually goes all the way, it will be perhaps the most important thing President Trump has done and will do during his tenure. Megacorporations are killing free speech in this country right before our eyes and something must be done about it.
Wall Street seems to believe the Silicon Valley giants are in trouble:
“Google parent Alphabet Inc., Facebook Inc. and Apple Inc. tumbled as the companies appear set to undergo U.S. antitrust probes after the Justice Department and the Federal Trade Commission agreed to split up oversight of technology giants.
The DOJ’s preparations to investigate Google, first reported late Friday, mark the Trump administration’s first concrete step to scrutinize the potentially anti-competitive conduct of a large technology firm. On Monday, a person familiar with the matter said the FTC will oversee antitrust scrutiny into whether Facebook’s practices harm competition in the digital market. Reuters reported that the DOJ has been given jurisdiction over a potential probe of Apple.
Alphabet fell as much as 7.2% to $1,027.03 in New York, its lowest since January. Facebook tumbled as much as 9.3% to $161.01, the most since July. The news also sent shares of Amazon.com Inc. down as much as 5.4% and Apple as much as 2.7%.”
You probably noticed Amazon was among the companies that fell even though they were not one of the ones named as being under investigation. But Amazon looks likely to join the club:
“Amazon could also be scrutinized as a result of a new agreement between regulators that puts it under the jurisdiction of the FTC, the Washington Post reported over the weekend.”
All told, the tech giants lost a combined $137 billion in market cap on the news that they’re likely to come under antitrust investigation […]
via Huge News: Federal Government to Investigate Facebook, Google and Apple Under Antitrust Laws —
Is it OK to say, “About time!”? 🙂
Indeed. I must admit I’m kinda surprised to see a Republican administration do this. They normally like monopolies. I guess maybe Google, Amazon, Facebaook and Apple didn’t contribute enough to their political campaigns.