Big Tech Founders Lose Billions After Government Considers Antitrust Probe



Amazon CEO Jeff Bezos's net worth fell $6.5 billion on the news that authorities may investigate the company for antitrust concerns. Photographer: Andrew Harrer/Bloomberg

Topline: The fortunes of the founders of Google, Facebook and Amazon tumbled more than $16 billion dollars combined on Monday after reports surfaced that big tech firms may be the target of several antitrust probes.

  • Google founders Sergey Brin and Larry Page are $2.6 billion and $2.7 billion poorer, respectively. Brin’s net worth is now $45.6 billion while Page is worth $48.4 billion, according to Forbes’ Billionaires Real Time Ranking.
  • Facebook CEO Mark Zuckerberg’s fortune is $4.8 billion smaller. His net worth is now $61.2 billion.

 

  • Amazon founder and CEO Jeff Bezos was the biggest loser, with his net worth dropping $6.5 billion. But he’s still the wealthiest person in the world with a net worth that Forbes pegs at $139.8 billion.

What exactly happened? On Monday, several news outlets reported that the Department of Justice and the Federal Trade Commission decided which agencies have jurisdiction over any possible antitrust cases against Google, Facebook, Amazon and Apple.

After the news broke, shares of each company fell sharply.

The DOJ will handle Google and Apple probes, while the FTC will investigate Facebook and Amazon. The agencies haven’t opened up any official inquiries—but the escalation shows that the government is seriously considering taking action to break up Big Tech.

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