The FTC secured the rights to begin an investigation into Facebook and whether it has engaged in anticompetitive behaviors, as first reported by The Wall Street Journal on Monday, which cited people familiar with the matter.
Shares of Facebook were trading lower following the news on Monday.
Spokespeople for the FTC and Facebook did not immediately return FOX Business’ request for comment.
The FTC has already been investigating the social media giant over privacy practices, but the new probe would examine whether Facebook is unfairly crowding out competition. Amazon
The Journal also first reported over the weekend that the Department of Justice may be gearing up to investigate potential antitrust violations by Google. E-commerce giant Amazon is also under closer watch by the FTC, as reported by The Washington Post.
There have been growing calls among lawmakers to examine whether some of the country’s biggest tech companies are engaging in monopolistic behaviors. Massachusetts Sen. Elizabeth Warren, a 2020 presidential candidate, called for the breakup of Amazon, Facebook and other big tech firms earlier this year. She said the companies are consolidating power and crowding out the competition.
Last year, President Trump said he was “very seriously” considering antitrust action against Amazon, Facebook and Google.
This story is developing. Please check back for updates.