Amazon Shares Plunge After New Anti-Trust Probe
Amazon shares dropped almost US$18 on the share-market yesterday, after the European Commission (EC) announced a new anti-trust investigation into how Amazon uses data from third parties.
The investigation is said to centre around Amazon’s position as both a retailer and a merchant – selling products directly as well re-marketing products from third-parties.
“Based on the commission’s preliminary fact-finding, Amazon appears to use competitively sensitive information about marketplace sellers, their products and transactions on the marketplace,” said EU commissioner Margrethe Vestager.
Amazon could be fined up to 10 percent of its annual global turnover.