Department of Justice opening broad antitrust review of major tech firms

The Justice Department announced Tuesday it will open a broad antitrust review into tech giants and how they acquired so much power.

The DOJ said in a statement the review will "consider the widespread concerns that consumers, businesses, and entrepreneurs have expressed about search, social media, and some retail services online." The Federal Trade Commission and Congress have both already started similar inquiries, and several 2020 Democratic presidential candidates, including Sen. Elizabeth Warren (D-Mass.), have called for the breakup of these massive companies.

The DOJ said the goal of the review is to identify antitrust issues so they can be fixed, The Wall Street Journal reports. In after-hours trading on Tuesday, shares for Apple, Amazon, Alphabet, and Facebook were all down.

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