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Market Chatter: Justice Department Mulls Google Break-Up, Other Options After Court Ruling
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Market Chatter: Justice Department Mulls Google Break-Up, Other Options After Court Ruling
Aug 13, 2024 2:58 PM

05:34 PM EDT, 08/13/2024 (MT Newswires) -- The US Department of Justice is considering options such as a bid to break up Alphabet (GOOG, GOOGL) unit Google ( GOOG ) after a recent court ruling found that the technology giant monopolized the online search market, Bloomberg News reported Tuesday, citing people with knowledge of the deliberations.

The company could be forced to share more data with competitors, with other possible options including steps to prevent it from gaining an unfair advantage in artificial intelligence products, the unnamed sources told the news outlet.

If the DOJ proceeds with a breakup plan, the Android operating system and Google's ( GOOG ) Chrome web browser could be the most likely units for divestment, the people reportedly said. Government officials are also considering forcing a sale of AdWords, one of the sources told Bloomberg.

Earlier this month, a federal judge ruled that Alphabet operated an illegal monopoly and violated US antitrust laws by spending tens of billions of dollars to secure exclusive contracts for making its search engine default on smartphones and web browser developers. Google ( GOOG ) said in a statement on X at the time that it planned to appeal the court's decision.

A company spokesman declined to comment on the possible remedy, Bloomberg reported Tuesday. A DOJ spokeswoman declined to comment, according to the report.

Alphabet didn't immediately respond to MT Newswires' request for comment.

The company's shares were down 1.2% in after-hours activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 164.20, Change: -1.73, Percent Change: -1.04

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