Entrepreneur By Madeline Garfinkle • Sep 28, 2023
Key Takeaways • Following the announcement of the FTC lawsuit, Amazon stock fell by over 3%, while Jeff Bezos' net worth saw a $5 billion drop.
• The FTC's 172-page complaint alleges that Amazon has created an illegal monopoly and engaged in a "cycle of dominance and harm" that adversely affects both consumers and sellers.
In the wake of the Federal Trade Commission's antitrust lawsuit filed against Amazon on Tuesday, the e-commerce giant and its CEO, Jeff Bezos, are already taking a financial hit.
On Tuesday, the FTC — along with 17 state attorneys general — filed a lawsuit against Amazon, alleging that the company engaged in anticompetitive practices, unfairly promoting its own products and brands, and stifling competition.
Amazon has denied the allegations and defended its business practices, but that hasn't stopped the tech giant from feeling the pinch of the high-profile lawsuit.
On Tuesday, following the announcement of the FTC's lawsuit, Amazon stock fell by 3.28%. As of Thursday afternoon, stocks are still down and stand at about $126 a share, down from $131 on Monday.
More:
https://www.entrepreneur.com/business-news/jeff-bezos-loses-5-billion-amid-ftc-amazon-lawsuit/462865
