US Govt Filed Antitrust Lawsuits Against Facebook For Crushing Smaller Competitors
Washington, Dec 10, 2020: The US government and 48 states have filed parallel antitrust lawsuits against Facebook, accusing the social media giant of anti-competitive conduct by abusing its market power to create a monopoly and crushing smaller competitors, a move which may force it to sell WhatsApp and Instagram.
Soon after the Federal Trade Commission (FTC) and 48 state attorney generals sued the California-headquartered company, Facebook shares fall significantly.
The bipartisan coalition led by New York attorney general Letitia James alleged that Facebook has engaged in a systematic strategy to eliminate threats to its monopoly. This includes its 2012 acquisition of up-and-coming rival Instagram, its 2014 acquisition of the mobile messaging app WhatsApp and the imposition of ant...