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7/23, 11:21 PM (Source: TeleTrader)
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DoJ launches antitrust probe of tech companies

United States Department of Justice (DoJ) announced on Tuesday that it is starting a review of big tech companies, aimed at investigating whether they engaged in practices that have "reduced competition, stifled innovation, or otherwise harmed consumers." According to the statement, the DoJ's Antitrust Division will address concerns about "search, social media, and some retail services online," and is asking for help from insiders and the wider public.

"Without the discipline of meaningful market-based competition, digital platforms may act in ways that are not responsive to consumer demands," said Assistant Attorney General Makan Delrahim of the Antitrust Division. "The Department’s antitrust review will explore these important issues."

Big tech shares dropped after the announcement, with Facebook, Amazon and Alphabet losing over 1%.

Breaking the News / DJ