Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Texas AG says break-up, all other remedies on the table in Google probe

Published 02/05/2020, 03:04 PM
Updated 02/05/2020, 03:04 PM
© Reuters. FILE PHOTO: An illuminated Google logo inside an office building in Zurich

WASHINGTON (Reuters) - Texas Attorney General Ken Paxton, who is leading a multistate investigation into Alphabet (NASDAQ:GOOGL) Inc's Google unit, said on Wednesday he has not taken any possible punishment off the table, including breaking up the search and advertising giant.

Google - along with Facebook Inc (NASDAQ:FB) , Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL) - are under a series of probes into allegations that the tech behemoths use their clout to defend their market share or expand into adjacent markets.

"I'm literally open to doing what works. I would look at any remedy as a possible solution," said Paxton. "I'm not going to say I prefer one remedy over another when I don't even know fully what the problem is. I want this to benefit the most number of consumers."

Paxton was among several attorneys general at the Justice Department on Tuesday to meet officials at the agency to coordinate federal and state efforts.

Asked if a potential breakup was in the cards, Paxton said: "Everything is on the table. It's kind of up to them to take stuff off the table."

"Most people are just not aware of Google's dominance. Everyone thinks that the internet's free," he added. "The pricing reflects the fact that there's only one player."

Paxton's team is fighting Google in court over hiring conditions for two consultants that Texas wants on its team. Google wants them to be barred from working for the company's rivals for a year after their work with Texas ends.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Paxton said he would like the probe to end quickly. Asked how Google could make that happen, he said, "Cooperate? Tell their story? Tell a story that makes sense?"

Google has been cooperating, the company said in a statement. "We have been working constructively with the Texas attorney general and have produced a substantial volume of information in response to his inquiry even as we seek assurances that our confidential business information won't be shared with competitors or vocal complainants."The Justice Department said in late July it was opening a broad antitrust investigation of the big digital firms. Attorney General Bill Barr has since said he would like the probe completed by the end of the year.

The companies have come under fire from both ends of the political spectrum. U.S. President Donald Trump has criticized the companies and Senators Elizabeth Warren and Bernie Sanders have called for the break-up of Amazon and Facebook.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.