Google found guilty of monopolistic behavior in landmark antitrust case, potential breakup, shares fall

From Nasdaq: 2024-08-05 17:16:13

Google, owned by Alphabet, is found guilty of monopolistic behavior in a landmark antitrust case. The Justice Department’s victory could lead to remedies such as breaking up the tech giant. This ruling, with potential appeals, could have significant implications for other Big Tech companies facing similar charges. Shares of Alphabet fell 4.3% post-ruling.

With control of 90% of the online search market and 95% on smartphones, Google has been deemed a monopolist by U.S. District Judge Amit Mehta. The company paid $26.3 billion in 2021 to maintain its dominance. The remedy phase following the ruling could involve major changes for Google, potentially impacting its revenue and partnerships.

Alphabet plans to appeal the ruling, which could lead to a lengthy legal process with possible appeals until 2026. This landmark decision is the first in a series of antitrust cases targeting Big Tech companies. Google’s potential breakup or requirement to change its default search engine status could have significant consequences for the tech industry as a whole.



Read more at Nasdaq: U.S. Antitrust Win: Google Guilty of Search Market Monopoly