FTC to Oversee Antitrust Probe of Facebook Market Practices

(Bloomberg) -- The U.S. Federal Trade Commmission will oversee antitrust scrutiny into whether Facebook Inc.’s practices harm competition in the digital market under an agreement with the Justice Department, according to a person familiar with the matter.

The move comes as the Justice Department and the FTC agreed to split up antitrust oversight of technology giants, with the antitrust division taking over scrutiny Alphabet Inc.’s Google and the FTC getting oversight of Amazon.com Inc.

Facebook dropped 6.2% to $166.53 as of 12:19 p.m. in New York trading.

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