FTC And State AGs Hit Facebook With Antitrust Suit

December 9, 2020 Business, Social Media

The Wall Street Journal reports:

The Federal Trade Commission and a bipartisan group of state attorneys general sued Facebook Inc. on Wednesday, bringing broad antitrust allegations that the social-media giant engaged in a yearslong campaign to buy up or freeze out nascent tech firms that one day might have become rivals.

CNBC reports:

The FTC alleges that Facebook engaged in a systematic strategy to eliminate threats to its monopoly, including the 2012 and 2014 acquisitions of Instagram and WhatsApp. It alleges Facebook holds monopoly power in the U.S. personal social networking market.

The FTC alleges that Facebook engaged in a systematic strategy to eliminate threats to its monopoly, including the 2012 and 2014 acquisitions of Instagram and WhatsApp, which the FTC previously cleared. Facebook acquired Instagram for $1 billion and WhatsApp for $19 billion.

NOW: U.S. GOVERNMENT, 48 STATES FILE ANTITRUST LAWSUITS AGAINST FACEBOOK https://t.co/l8SenduXwY

— Tony Romm (@TonyRomm) December 9, 2020

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