2020 presidential candidate Sen. Elizabeth Warren has been blatant with her campaign to break up “Big Tech” following a political refute about Big Tech having too much power, influence, and control over economic and social aspects.
The tech-heavy Nasdaq was taking a beating Monday — as investors worried about the possibility of a significant regulatory crackdown on some of the sector’s leading companies.
Shares of Google owner Alphabet (GOOGL), Amazon (AMZN), Facebook (FB) and Apple (AAPL) had collectively lost nearly $145 billion in market value as of midday afternoon, thanks to several reports suggesting that the US Department of Justice and Federal Trade Commission were going to look more closely at how much power these companies wield in the tech marketplace.
Specifically, Google is on the verge of facing an antitrust investigation from the US Department of Justice following reports from anonymous sources reported by The Wall Street Journal, The Washington Post, andThe New York Times.
Alphabet’s subsidiary company may face a probe on its search and ads business. The Department of Justice will also investigate other companies under Google’s wide variety of software and services.
The Federal Trade Commission, working alongside the DOJ, will set forth the federal antitrust cases, and is reported to be involved in the immediate investigation against Google.
Alphabet has been lower all day, dropping nearly 7%.
That news follows Facebook’s impending fine with the FTC amounting to $5 billion for its involvement in the Cambridge Analytica controversy. Also, Amazon was reported to be in conflict with regulators.
Amazon fell 4.5%, while Facebook was down more than 7%.
Apple’s shares gave up their gains from earlier in the day; as a result, sliding about 1%. The stock had been higher as the company is set to release new products and services today during its World Wide Developers Conference.