DOJ’s Investigation Wipes $33 Billion from Apple, Amazon, Facebook, and Google
Following the US Department of Justice’s announcement to launch an antitrust investigation into whether “online platforms” were illegally harming their competitors, share prices of Amazon, Apple, Facebook, and Google have taken a big hit in premarket trading, Business Insider is reporting.
While the DOJ did not mention any names in its press release, it did say it would focus on “market-leading” companies. In total, America’s four biggest tech companies saw nearly $33 billion wiped off their value in premarket trading.
Below are the details of each firm individually.
- Alphabet (Google): Down 0.96%, wiping $7.6 billion off its value
- Amazon: Down 1%, a $9.8 billion hit to its market cap
- Apple: Down 1.04%, a $6.8 billion drop in value
- Facebook: Down 1.46%, erasing $8.4 billion in value
Meanwhile, Dan Ives, an analyst at Wedbush Securities, said the DOJ’s investigation represented a “shot across the bow” for big tech but was unlikely to result in drastic action.