Google’s Bitter Day
While the decline in stock values continued in the US market, a court ruling in this country dealt an additional blow to the shares of Google’s parent company, Alphabet.
Following a lawsuit by the US federal prosecutor’s office and the support of 38 state attorneys general, consisting of a bipartisan group, the court ruled that Google had created a monopoly in internet search and advertising revenue, seizing the market with its dominance.
Alphabet’s shares, following the announcement of this ruling, fell an additional 4 percent, separate from the ongoing decline in values.
Merrick Garland, the US federal prosecutor, celebrated the ruling and stated in his declaration that this ruling demonstrated that no company, no matter how powerful, is above the law.