US tech giants facing antitrust probes won’t find respite in Google-EU fight

copy trade platform

The four biggest jewels in America’s tech crown took a pummeling in the markets today after various reports predicted the US government would step up its antitrust oversight. A look at Google’s long history of antitrust tussles with the European Commission suggests many more years of disquiet.

The European Union has slapped Google with antitrust charges totaling $9.5 billion over the last decade. Despite being the largest punishments it has ever handed out, the amounts are pretty small change for a monolith like Google. Twists in the long-running saga, however, resulted some days in billions in market capitalization losses for Google’s parent company, Alphabet, Inc.

Date Drop in market cap. Event
Nov. 30, 2010 $8.4 billion EU announces probe into allegations that Google abused its dominance in online search by promoting its own shopping service.
April 25-26, 2013 $4 billion EU offers Google’s rivals chance to comment on the firm’s proposed concessions.
July 18-19, 2013 $7.3 billion EU demands more concessions from Google.
Sept. 8-9, 2014 $6.5 billion EU demands yet more concessions.
April 13-14, 2015 $6 billion EU says it will formally charge Google with antitrust violations; opens a separate probe into Android.
April 20, 2016 $0.9 billion EU charges Google with antitrust violation over alleged abuse of Android’s dominance.
June 27, 2017 $16.1 billion EU fines Google a record $2.7 billion for favoring its shopping service in searches, gives the company 90 days to stop doing so.
July 18, 2018 $10.5 billion EU fines Google $5.1 billion for using Android’s dominance to favor its search engine, gives the company 90 days to stop.
March 20, 2019 Shares climb EU fines Google $1.7 billion for forcing AdSense customers not to accept business from its rivals

The only time Alphabet’s market capitalization came away unscathed was in March this year, but that case is related to a relatively small part of the company’s business—advertising technology firm, AdSense—and Google cooperated with that probe. The company is appealing the other two fines.

The markets’ brutal response today to reports of US antitrust probes suggests that Google’s tribulations won’t end any time soon. And now the other US tech behemoths will likely face their own.

Read about currency pairs eur usd trading and make profit