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U.S. Congress launches Big Tech antitrust probe

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On Monday, the House Judiciary Committee announced a sweeping antitrust probe of unspecified technology companies. In a statement, it promised a review of the market power held by giant tech platforms, which would be the first such Congress has ever undertaken.

FILE - In this April 18, 2017 file photo, conference workers speak in front of a demo booth at Facebook's annual F8 developer conference, in San Jose, Calif. SAN FRANCISCO -- The federal government may be warming up its antitrust enforcement machine and pointing it at Big Tech.

Facebook's stock dropped 7.5%. Shares of Google parent Alphabet fell 6.1%. Amazon declined 4.6%. Apple, which has only been mentioned tangentially in these reports, fell 1%. Investors may have reacted immediately to the uncertainty, but investigations -- if any materialize -- would take years. Pressure has been mounting on government to scrutinize the companies for some time, as backlash against tech companies' reach and power grow in among consumers and politicians. The splitting up of jurisdictions between the FTC and DOJ could be simply a response to the pressure, said Sandeep Vaheesan, legal director for Open Markets Institute, which advocates against monopolies.

That's one model the U.S. could follow, Levin said. But, of course, political motivations and laws differ in the U.S., and regulations haven't nearly caught up with the fast-moving world of the tech industry.

 

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Long over due. Time to break up liberal social media companies.

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