SILLY folks in the Californian tech valley will sure be worried tonight as the Federal Trade Commission launched a probe into the practices of social media giants such as Facebook, Google and Amazon.
They lost a whopping £140bn in market value as news of the probe by the Trump administration came out.
Many say the probe is due to Facebook’s decision to censor Conservative news outlets and commentators such as Paul Joseph Watson, who Mr Trump publicly defended on Twitter.
Bloomberg reported that the probe looking into Facebook practices of ‘harm to the digital market’ sent Zuck’s shares tumbling, in a move that will delight conservatives.
According to U.S. reports, the U.S. antitrust oversight of technology giants that could split up big tech sent shares in Google (Alphabet Inc), Facebook and Apple into the red.
The Department of Justice will also investigate Google in a move that marks the Trump’s administration’s first move into tackling Big Tech’s anti-competitive practices.
Google 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%.
“If the DOJ moves ahead, an investigation would likely embolden critics of Facebook, Amazon and other tech giants as well, causing rhetoric to heat up during the 2020 election year,” said a spokesman.
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