The Justice Department launched a sweeping antitrust review of the nation's biggest online platforms a day before the FTC is expected to announce a $5 billion settlement with Facebook for alleged privacy violations
at a recent White House summit on social media that he is directing his administration to “explore all regulatory and legislative solutions to protect free speech and the free speech rights of all Americans.”the DOJ news on Twitter, adding that she plans to discuss “how to foster free markets and competition” at the next meeting of a Senate Judiciary tech task force she's leading.
Facebook's stock price rose when news of the proposed fine leaked earlier this month — but sagged slightly in after-hours trading Tuesday following news of the DOJ's probe. The newly announced investigation appears to be an even broader review of the competitive impact of the country's biggest tech companies. The review raises the stakes for the companies, especially Facebook and Amazon, because the FTC's claim of jurisdiction over monopolization concerns could result in dual federal antitrust probes for those two firms.Sign Up
The House Judiciary Antitrust, Commercial and Administrative Law Subcommittee also has its own antitrust investigation into the country's largest tech companies. After a hearing in the panel last week, subcommittee Chairman David Cicilline kept the heat on Tuesday byFacebook and Amazon representatives did not immediately respond to requests for comment on the DOJ’s announcement.by Adam Cohen, Google director of economic policy, at last week's House hearing.
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