DoJ Finally Files Sweeping Antitrust Lawsuit Against Google
Tyler Durden
Tue, 10/20/2020 – 08:16
Update (0825ET): The Google news has rattled the market, as investors contemplate the prospect of the DoJ, partnered with the state AGs, launching historic lawsuits against more Big Tech firms, thereby pulling the rug out from under the market.
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Just as we previewed roughly 6 weeks ago following a report published in the New York Times, the DoJ has finally brought a sweeping anti-trust case against Google, according to a WSJ scoop.
The landmark antitrust case will focus on alleged Google-controlled monopolies in search and search advertising. These businesses are the cornerstone of Google owner Alphabet’s profits. At least 10 state AGs are expected to join the suit.
Google shares are sliding on the news.
The DoJ has scheduled a press briefing for 0945ET. Though no subject has been announced, it’s a safe bet that the Google lawsuit, which has been in the works since at least January, when DoJ reportedly started beefing up a team that was reportedly focused on bringing antitrust cases against Alphabet and a handful of other big tech names.
The case is expected to be filed in federal court in Washington DC, forcing Google out of its California “comfort zone”.
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