Facebook and Google are the names of two companies that have been heavily fined in the past two years. All tech companies are now under scrutiny. The U.S. Justice Department has announced to launch an investigation against tech companies soon. That could be big trouble for these companies. According to the latest information, the investigation will be conducted on whether tech companies have really wrongly tried to suppress their competitors.
Though the department has not disclosed the names of the companies, it is believed that the probe will bring companies like Facebook, Google, Twitter, Apple and Microsoft into the probe. The European Union is already investigating several companies for violating competition law. The union had also slapped a hefty fine on Google a few days ago.
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According to the information received, the U.S. Department of Justice believes that many tech companies have built a larger user base in a very short period of time. As such, their influence in the market is increasing. Several companies have started businesses other than their major businesses. The stock market has seen a decline after the U.S. Justice Department reported launching investigations against tech companies. Following the announcement, Facebook's stock saw a decline of 1.25 per cent, Amazon's stock by 1.38 per cent and Google Alphabet's share by 1.14 %.
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