Alphabet Inc's shares closed 6% down on Monday following reports that the U...
- Alphabet Inc’s shares closed 6% down on Monday following reports that the U.S. Justice Department may investigate Google for hampering competition.
Alphabet’s market capitalization was reduced by $54 billion as its shares recorded their biggest drop outside earnings since April 2011. Facebook Inc closed 7.5% down, while Amazon.com Inc fell about 5%. “For investors, the investigation comes at a time when the stock’s bull case is challenged by concerns of an abrupt revenue slowdown last quarter,” Rippey said.
Along the way, it has made enemies in the tech world, who have complained to law enforcers about its market dominance, and also in Washington, where lawmakers have complained about issues from its alleged political bias to its plans for China.
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