DOJ Threatens Big Tech — Congress Announces Antitrust Hearings

Stocks for Alphabet, and Facebook took a hit on Monday after reports on Friday said the US Justice Department is preparing an antitrust prove of tech giant Google.

CNBC reported:

Politicians and technology executives have spent well over a year debating the proper role for regulators in the tech industry, which has assumed outsized influence over the U.S. economy.

Monday was the day that the chatter turned to early stages of action, and the market punished big tech.

Investors were most concerned about Facebook and Google parent Alphabet on Monday, sending shares of each down more than 6%. Amazon dropped more than 4.6% and Apple slid 1%. In total, they lost about $130 billion in market value and led a 1.6% slump in the Nasdaq Composite, sending the tech-heavy index into correction territory — down more than 10% off its record high set in April.

Following reports late Friday that the Justice Department is preparing an antitrust probe of Google, Reuters reported on Monday that the same department has been given jurisdiction over Apple’s practices as part of a broader review into the behavior of tech companies.

And the House Judiciary Committee led by Jerry Nadler announced on Monday that it will hold hearings into the technology giants.

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Jim Hoft is the founder and editor of The Gateway Pundit, one of the top conservative news outlets in America. Jim was awarded the Reed Irvine Accuracy in Media Award in 2013 and is the proud recipient of the Breitbart Award for Excellence in Online Journalism from the Americans for Prosperity Foundation in May 2016. In 2023, The Gateway Pundit received the Most Trusted Print Media Award at the American Liberty Awards.

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