Why Jim Cramer Isn't Worried About DOJ Antitrust Lawsuit Against Google
The U.S. Department of Justice filed its long-awaited antitrust case against Google (GOOGL) - Get Report.
Court filings show that 11 states attorneys general joined the lawsuit, while the DoJ said it has asked for 'structural relief as needed to cure any anticompetitive harm' in what may be the biggest U.S monopoly case in more than two decades.
The DoJ said the action was brought to "restrain Google from unlawfully maintaining monopolies in the markets for general search services, search advertising, and general search text advertising in the United States through anticompetitive and exclusionary practices, and to remedy the effects of this conduct."
Google said the suit was "deeply flawed", arguing that "people use Google because they choose to -- not because they're forced to or because they can't find alternatives" and adding it would have a fuller statement later Tuesday.
A Congressional report published earlier this month accused the group of favoring its own products in search results, a similar charged levied by competition authorities in Europe, and noted 'concern' with Google's increasing market share gains in cloud computing.
Jim Cramer said Alphabet could be broken up but at the end of the day, he doesn't think the search business can be stopped. Catch his reasoning in the video above.
Latest Videos From TheStreet and Jim Cramer:
- Jim Cramer Says Bank Stocks Aren't Worth Buying
- Coronavirus: The Latest Numbers on the COVID-19 Pandemic
- Apple iPhone 12 Lineup Gets Positive Wall Street Reviews
- Why Have U.S. Stocks Recovered Much Faster Than European Stocks Have?
- Dodgers Head to the World Series: Top Stories, Sports and Business News — Oct. 19
- DraftKings Falls as Lockup for Secondary Offering Expires
