Alphabet shares hit record highs on Trump’s appointment of FTC chief

Alphabet led a surge among tech titans on Wednesday, with its shares reaching an all-time high after US President-elect Donald Trump appointed Federal Trade Commissioner Andrew Ferguson to lead the consumer protection and antitrust agency.

On Tuesday, Trump appointed Ferguson to succeed Lina Khan, whose time as FTC chairperson had expired.

Under Khan, the agency became a political hotspot, as he advocated for antitrust enforcement as a check on corporate power. Several prominent technological businesses, including Alphabet, Microsoft, and Apple, saw greater regulatory pressure from the FTC during his term.

Ferguson was a «known dissenter» under Khan, «and many people feel that under his leadership, the antitrust case against Alphabet will come to an end,» according to Jay Woods, chief global strategist at Freedom Capital Markets.

Trump and his administration have been harshly critical of huge technology businesses, despite the fact that some of his most notable supporters were tech executives, and it is unknown how they will approach M&A regulatory policy in that industry.