Reuters News – Alphabet Inc’s shares closed 6-percent down Monday following reports that the U.S. Justice Department may investigate Google for hampering competition. The potential investigation represents the latest attack on a tech company by the Trump administration.
Trump accused social media companies including Google of suppressing conservative voices on their platforms. 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-percent down, while Amazon.com Inc fell about 5-percent. Amazon shares were also pressured by news that the company could face heightened antitrust scrutiny under a new agreement between U.S. regulators, which puts the e-commerce giant under the trade commission’s watch.
