Although expected last week, the shares of Amazon, Google and Facebook received a big hit due to future problems they might face with the possibility of stricter control by the regulatory authorities.
Last week, Jeff Bezos (Amazon), Mark Zuckerberg (Facebook) , Larry Page and Sergey Brin (both Google) lost a total of $8.5 billion combined.
The reason is that the Federal Trade Commission (FTC) in America on Wednesday filed an anti-monopoly lawsuit against Facebook and asked to reverse the acquisitions of WhatsApp and Instagram.
The same day, the attorney general of New York along with 47 other state and local attorneys filed a separate lawsuit for the same reasons.
Since then , all big tech companies recorded heavy losses for the week. Google’s mother company Alphabet saw the stock price go down by 2.7%, Facebook fell 2.2% and Amazon lost 1.5%.
So now Jeff Bezos's fortune is $ 180.2 billion, Mark Zuckerberg is $ 100.5 billion, Larry Page is $ 78.2 billion and Sergey Brin is $ 56 billion.
It was expected to have a small “profit taking” in stocks of S&P500. As the year is approaching its end, it’s natural especially for private investors to want to convert some of the profits in money. But this is a completely different situation. If the lawsuit goes through and Facebook is forced to cancel the accusation of WhatsApp and Instagram, it would mean that there is a real intent to better control and hold accountable all tech giants. We might see the start of big changes in the tech market.
Source.
https://www.capital.gr/forbes/3502120/oi-big-tech-exasan-sxedon-9-dis-dol-tin-proigoumeni-ebdomada