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US Senate's Latest Antitrust Bill Targets Amazon, Apple, Google: CNBC

  • Sen. Amy Klobuchar, D-Minn., the Senate Judiciary subcommittee Chair on antitrust, will soon introduce a major antitrust bill aimed at Big Tech offering more choice to the consumers, CNBC reports.
  • Judiciary Committee Ranking Member Chuck Grassley, R-Iowa, will also back the bill launch.
  • “Our bill will help create a more even playing field and ensure that small businesses are able to compete with these platforms,” Grassley said.
  • House Judiciary subcommittee on antitrust Chairman David Cicilline, D-R.I. will introduce a bill similar to the American Innovation and Choice Online Act prohibiting dominant online platforms from discriminatory behavior. 
  • The bill would have profound implications for companies like Inc (NASDAQ: AMZN), Apple Inc (NASDAQ: AAPL), and Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, who allegedly ranked their products higher than rivals’ in their marketplaces to generate more profits for themselves.
  • Travel or local search sites like Yelp Inc (NYSE: YELP) and TripAdvisor Inc (NASDAQ: TRIP) accused of Google unfairly lowering their links in search results in favor of prime placement of its Google Maps tool. The tech majors have denied the allegations.
  • Price Action: YELP shares traded higher by 4.07% at $39.64 on the last check Thursday.

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