Breaking Digest reported that the Justice Department and eight states filed a lawsuit against Google on Tuesday, alleging it’s engaged in monopolistic practices.
“Google abuses its monopoly power to disadvantage website publishers and advertisers who dare to use competing ad tech products in a search for higher quality, or lower cost, matches,” said the Justice Department in a complaint filed in a federal court in Virginia.
According to Trending Politics, San Francisco Rep. Nancy Pelosi sold $3 million of Google stocks just four weeks before the suit was announced.
From Trending Politics:
Another Pelosi stock trade is going viral as her “stock win streak” continues.
On Tuesday, the Department of Justice launched a massive lawsuit against Google, claiming the internet giant has an illegal monopoly on online advertising.
By acquiring competitors, Google “has corrupted legitimate competition in the ad tech industry,” the government said in their argument. “Google uses its dominion over digital advertising technology to funnel more transactions to its own ad tech products where it extracts inflated fees to line its own pockets at the expense of the advertisers and publishers it purportedly serves,” the suit claims.
The story gets weirder however considering San Francisco Rep. Nancy Pelosi made an eyebrow raising stock trade just four weeks before the suit was announced.
“The DOJ has officially opened up a lawsuit against Google to break up its Ad Technology Monopoly,” reported the popular Nancy Pelosi Stock Tracker Twitter account. “Pelosi sold $3 Million dollars worth of Google just four weeks ago. Wild.”
@PelosiTracker tweeted out proof of the trade:
Are the Pelosis really just that lucky? Or is there something else going on?
“In March 2021, Paul Pelosi exercised options to purchase 25,000 Microsoft shares worth more than $5 million. Less than two weeks later, the U.S. Army disclosed a $21.9 billion deal to buy augmented reality headsets from Microsoft. Shares of the company rose sharply after the deal was announced,” the Hill reported.
Breaking Digest previously reported that Sen. Josh Hawley (R-MO) reintroduced a bill that would forbid members of Congress, and their family members, from trading individual stocks.
The proposal would require Congress members and their immediate families to move any stocks they own into qualified blind trusts.
It would also force those in violation to return their profits back to the American people. If they fail to move the stocks, they’d lose them to the U.S. treasury.
If Sen. Hawley’s proposed bill gets passed, and Congress members are banned from insider trading, we will find out the answer to whether or not the Pelosis are that lucky.