Alphabet's shares fell nearly 5% following the DOJ's announcement that it seeks to break up Google due to its monopolistic hold, particularly through its Chrome browser. U.S. District Judge Amit Mehta previously deemed Google a monopolist, enabled by massive payments to firms like Apple. The DOJ's recent filings describe Google's operations as leveraging illegal practices to dominate the market. The scope of the proposed breakup includes ending default search partnerships and sharing data with competitors. The overall market also experienced declines, with the Nasdaq falling sharply during the same period.
In a scathing court filing, the DOJ stated Google relied on "illegal conduct" to create an "economic goliath" that influences market conditions to its favor.
The DOJ emphasized that American consumers are subject to the whims of this economic leviathan, receiving a search engine in exchange for tolerating its considerable demands.
Collection
[
|
...
]