DOJ Considers Breaking Up Google After Antitrust Ruling; Shares Dip -1.3%

Aug 13, 2024, 10:25 PM

The U.S. Department of Justice (DOJ) is considering breaking up Alphabet Inc.'s Google following a landmark antitrust ruling that found the company monopolized the online search market. The ruling, issued last week, concluded that Google has acted as a monopolist to maintain its dominance. As a result, the DOJ is exploring various options to address this issue, including the potential divestiture of Google's key units such as Android, Chrome, and AdWords. This move marks the first significant antitrust action against a major tech company since the attempt to dismantle Microsoft two decades ago. Alphabet's shares have reacted to the news, showing a decline of -1.3% in aftermarket trading. Notably, Google is Nancy Pelosi's second largest stock holding, with an estimated value of $18 million.