US regulator, states sue Amazon

The news: The US Federal Trade Commission has filed an antitrust lawsuit against Amazon.com, accusing the online retailer of illegally wielding monopoly power and asking the court to force it to sell assets.

The numbers: The FTC was joined by 17 US states in suing Amazon.com, and the action comes after a four-year investigation and federal lawsuits against Alphabet's Google and Meta Platforms' Facebook. Amazon.com shares ended 4% lower at USD125.98.

The context: The lawsuit, filed in federal court in Seattle, has been expected after years of complaints that Amazon and other tech giants abused their dominance of search, social media and online retailing to become gatekeepers on the most profitable aspects of the internet. The FTC accused Amazon of forcing sellers to use its warehouses and delivery services, inflating costs for consumers and sellers. It also accused the company of punishing sellers offering lower prices on other platforms and giving preference to its own products on its platforms over competitors.