The US government is gearing up to investigate whether Amazon, Apple, Facebook and Google misuse their market power with what could be an unprecedented, wide-ranging probe.
The Federal Trade Commission and the Department of Justice have divided oversight over the four companies, reports Reuters, with Amazon and Facebook under the watch of the FTC, and Apple and Google under the Justice Department.
The next step is for the two federal agencies to decide if they want to open formal investigations. Technology companies face a backlash in the United States and across the world, fuelled by concerns among competitors, lawmakers and consumer groups that they have too much power and are harming users and business rivals.
Shares of Facebook fell 7.5 per cent on the news while Google’s owner Alphabet shed more than 6 per cent. Amazon.com shares fell 4.6 per cent and Apple dipped 1 per cent.