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Benzinga

Politics

Anusuya Lahiri

DOJ Supports Antitrust Bill Targeting Big Tech - Read Why: WSJ

Nasdaq DOJ Amazon Google Joe Biden Alphabet Inc Apple FB Justice Department Wall Street Journal

The Justice Department supported American Innovation and Choice Online Act and similar legislation banning large digital platforms from favoring their products and services over competitors, the Wall Street Journal reports.
The DOJ saw the rise of dominant platforms like Amazon.com Inc (NASDAQ:AMZN) and Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google jeopardizing open markets and competition.
Amazon, Google, Apple Inc (NASDAQ:AAPL), and others opposed the legislation arguing that it would make it harder to offer popular services.
Big Tech also considered it fair for e-marketplaces, search engines, and app stores to profit off their creations’ popularity.
The Biden administration’s support boosted the prospects for passing the legislation after clearing critical committees in the House and Senate.
Price Action: FB shares traded higher by 0.41% at $224.50 in the premarket on the last check Tuesday.

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