Apple could face antitrust probe from Justice Department: Report
Apple shares sank in trading on Monday amid reports that the U.S. Justice Department is considering a probe into the iPhone maker and other leading tech companies.
The Justice Department obtained jurisdiction to investigate Apple over antitrust concerns, Reuters reported, citing multiple sources familiar with the matter. The potential probe would unfold as part of a broader review of practices at major tech companies.
Apple did not immediately respond to a request for comment. Shares fell more than 2 percent on the news.
Apple is one of several tech firms facing renewed scrutiny from federal regulators. The Federal Trade Commission recently secured the right to lead a potential antitrust investigation into Facebook, which owns Instagram and WhatsApp, the Wall Street Journal reported on Monday. In exchange, the Justice Department will lead a potential probe of Alphabet-owned Google.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 239.59 | +2.26 | +0.95% |
| GOOGL | ALPHABET INC. | 171.49 | +2.54 | +1.50% |
| FB | NO DATA AVAILABLE | - | - | - |
| AMZN | AMAZON.COM INC. | 210.71 | +2.82 | +1.36% |
The FTC also has jurisdiction over investigations into Amazon’s business practices, according to multiple reports. Amazon declined to comment on the situation.
Major tech firms face growing calls for federal regulation in recent years amid a series of data privacy scandals. President Trump has repeatedly suggested that Amazon, Google and other tech leaders could be subject to antitrust regulations, while 2020 Democratic presidential hopeful Elizabeth Warren has vowed to break up tech industry leaders who engage in anti-competitive practices.
CLICK HERE TO GET THE FOX BUSINESS APP
The possibility of an Apple probe surfaced as company CEO Tim Cook and other executives prepared to speak at an annual Worldwide Developers Conference touting new products and enhancements.