U.S. House members reportedly are working on bills that would require tech titans Amazon (AMZN) - Get Report, Alphabet (GOOGL) - Get Report, Apple (AAPL) - Get Report and Facebook (FB) - Get Report to split in two and drop their private-label products.
The information came from knowledgeable sources and documents viewed by The Wall Street Journal.
Two bills could be unveiled Friday, the sources said. One would force the companies to break into two, and the other would limit their ability to use their size and strength to advance their own products over competitors’.
Each bill has both Republican and Democratic support, one of the sources said. The two bills are part of five that being considered to lessen the companies’ dominance, The Journal said.
Amazon recently traded at $3,350, barely changed; Alphabet at $2,430, down 0.2%; Apple at $127.16, up 0.83%; and Facebook at $330.06, down 0.72%.
In other Amazon news, European Union regulators have recommended fining the tech and retail company more than $425 million for violating privacy law, sources told The Wall Street Journal Thursday.
The violation concerns Amazon’s collection and use of personal data and doesn’t apply to its Amazon Web Services cloud unit, one of the sources said.
The proposed fine would be the largest imposed so far under EU privacy law, the sources said.
Meanwhile, on Monday, Apple unveiled an update to its mobile operating system, iOS15. The company announced improvements to its Facetime videoconferencing app, including within its audio, video and social elements.
The company also introduced iMessage updates that enable easier viewing of pictures.