Facebook, Google Regulatory Woes Erode $137 Billion From FANGs
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A wave of antitrust probe headlines on Facebook Inc. and Google parent Alphabet Inc. just yanked about $137 billion from FANG stocks’ market values.
Some $41 billion evaporated from Facebook on Monday as a person familiar with the matter said the U.S. Federal Trade Commission will oversee antitrust scrutiny into whether the firm’s practices harm competition in the digital market under an agreement with the Justice Department. That added to early-morning losses as the group was hammered by a report the Justice Department was preparing an antitrust investigation into Google. Some $52 billion was erased from Google’s market value as the stock fell 6.9%, on pace for the lowest close since Jan. 3.