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Murdoch Again Hits Facebook, Google Over Business Practices

'What we have seen in the past few weeks about the practices at Facebook and Google  reinforces the need for reform,' News Corp. Chairman Murdoch says.
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News Corp.  (NWS) - Get News Corporation Class B Report Chairman Rupert Murdoch has made clear his dislike for Meta Platforms (Facebook)  (FB) - Get Meta Platforms Inc. Class A Report and Alphabet’s  (GOOGL) - Get Alphabet Inc. Class A Report Google over the years and did so again on Wednesday.

The criticism came at News Corp.’s annual meeting. Murdoch thinks the duo stifles conservative views -- his media holdings' stock and trade -- and plays dirty.

"For many years our company has been leading the global debate about big digital," he said, according to Reuters. 

"What we have seen in the past few weeks about the practices at Facebook and Google surely reinforces the need for significant reform."

Big technology companies, including those two, have been accused of unfair business practices from all angles, including multiple governments, for years.

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Murdoch is unhappy with big tech’s domination of online advertising. "Let us be very clear about the consequences of that digital ad market manipulation," he said.

"Companies have .. been overcharged for their advertising, and consumers have thus paid too much for products."

Investors like Google and Facebook. Alphabet stock has soared 31% over the past six months, recently trading at $3,004, up 1%. 

And Facebook has climbed 8% in the same period, recently trading at $340.48, little changed, despite a slew of negative allegations. To be sure, it has slipped 5% in the past month.

Morningstar analyst Ali Mogharabi puts Alphabet’s fair value at $3,400. He raised the estimate 6% last month, given “further YouTube and other Google apps monetization opportunities and the firm’s increasing traction in the cloud market.”

At last check News Corp. Class A shares  (NWSA) - Get News Corporation Class A Report were trading off 0.9% at $23.18.