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Benzinga
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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