The struggle to regulate online giants like Facebook, Google, Amazon

Internet giants like Facebook, Google and Amazon have disrupted markets and culture in a lucrative rise to power that have regulators launching probes, imposing fines and even threatening to break the companies up.

Government regulators are scrambling to collar the online giants, often having to update rules designed for an analog world as the digital behemoths grow in size and influence.

The European Union kicked off the regulatory assault, with the United States following by launching a sweeping probe into the practices of leading online platforms, social networks, search engines and e-commerce services.

While the US Department of Justice did not specify targets, it appeared certain that it would be investigating Amazon, Facebook and Google.

Facebook boasts more than 2.7 billion users monthly at its family of apps that include Messenger, Instagram, WhatsApp and the eponymous social network.

The Silicon Valley-based company uses what it learns about users to target ads, raking in money from businesses with the promise of delivering ads that resonate with consumers.

Critics say Facebook puts profit over privacy.

The social media giant remains under intense scrutiny following revelations that personal data on tens of millions of users was hijacked by political consultancy Cambridge Analytica, which was working on the Donald Trump campaign in 2016.

Lambasting by politicians and dents to its reputation seem to have failed to hurt its business. Fear of a multi-billion dollar fine however did drag down earnings in a recent quarter.

Facebook estimated that it will face a US Federal Trade Commission fine of $3 billion to $5 billion for "user data practices."