The antitrust trial against Google by Alphabet Inc. GOOGL GOOG has started, and Sen. Rand Paul (R-Ky.) has shown his support for the tech giant.
What Happened: Paul described U.S. antitrust policies as being “misused and abused” and defended Google’s business strategies, such as linking their search engine to computer and phone sellers, during CNBC’s “Squawk Box” on Tuesday.
“We are going to penalize them for trying to be good business? That’s insane. And the government should have no role in preventing people from trying to increase their business,” Paul said.
Why It Matters: The U.S. Department of Justice has accused Google of running a massive ad tech monopoly, stifling competition, and inflating costs for publishers and advertisers. Google has denied these allegations, claiming to offer a superior product in a competitive market. The trial is expected to last several weeks, with U.S. District Judge Leonie Brinkema making the final decision.
Price Action: On Tuesday morning hours, Alphabet’s Class A stock GOOGL was trading around 0.91% while its Class C stock GOOG was trading 1.16% higher, as per Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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