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Big Tech Founders Lose Billions to Antitrust Probe

The antitrust probe embarked on by the US administration  is gradually having a huge impact on some of tech’s founders.

According to recent reports, some of the biggest names in the industry lost a combined $16 billion to the probes.

Larry Page and Sergey Brin lost $2.7 billion and $2.6 billion to the probe eventually. The Google co-founders currently have a network of $48.4 and $45.6 billion.

Facebook’s Mark Zuckerberg lost a whopping $4.8 as his fortune currently stands at $61.2 billion.

Amazon founder, Jeff Bezos, is also hit by the probe. The Amazon CEO’s net worth dropped by $6.5 billion, making him the biggest loser of the lot.

However, that doesn’t affect his ranking as the world’s richest man. He still comfortably retains his status with his $139.8 billion fortune, according to Forbes.

News about the antitrust probe broke out on Monday as the Federal Trade Commission and the Department of Justice decided on who handles antitrust cases against Amazon, Google, Apple, and Facebook.

According to the decision reached, the Federal Trade Commission will handle antitrust cases against Amazon and Facebook while the Department of Justice will investigate such cases against Apple and Google.

This news affected the companies’ shares as their shares dropped considerably, although the agencies haven’t officially started inquiries into the activities of the affected companies.

However, it seems the government is hell-bent on taking drastic action against any company that is found guilty of breaking trust among the Big Tech.

 

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Sam Conley

Sam Conley is new to online journalism but she is keen to learn. She is an MBA from a reputed university. She brings together relevant news pieces from various industries. She loves to share quick news updates. She is always in search of interesting news so that she can share them as well to Sunriseread's readers who could enjoy them with their morning coffee.

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