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By Staff Reporters
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Stocks are diving recently, giving the Dow its worst day since March as new data on declining home sales and consumer confidence gave investors the recession-could-be-coming jitters again.
And, Amazon dipped after the FTC filed its long-awaited anti-monopoly suit against the company. The FTC and 17 states delivered a sweeping lawsuit accusing the trillion-dollar e-commerce company of being an illegal monopoly. It’s the fourth lawsuit levied by the FTC against Amazon this year and easily the one with the most profound consequences for US antitrust legislation. The FTC and state attorneys general allege that Amazon abused its power by punishing sellers if they offered lower prices on other platforms, a practice that led to higher prices for consumers. Sellers on the marketplace were also allegedly coerced to use Amazon’s logistics and advertising services or face penalties like reduced visibility.
Meanwhile the FTC is also looking to break up both Google and Facebook but it is unclear if that’s the real goal here. The FTC asked for a permanent injunction to stop alleged misconduct. Bad news for Google which celebrates its’ 25th birthday today.
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Filed under: "Advisors Only", Ethics, Experts Invited, Investing, Professional Liability, Risk Management | Tagged: Amazon, DJIA, DOW, Facebook, FTC, google, Lawsuits, Meta, stocks | Leave a comment »
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