US Govt. and 48 States Sue Facebook for Predatory Conduct
On Wednesday, the US Government and 48 states sued Facebook and accused the online giant of using its dominant market presence to destroy competitors.
The antitrust lawsuits filed by the Federal Trade Commission could force spinoffs of Facebook's Instagram and Whatsapp services.
Said New York Attorney General Letitia James, "It’s really critically important that we block this predatory acquisition of companies and that we restore confidence to the market."
The FTC claims Facebook has engaged in a “a systematic strategy” to eliminate its competition. James said something similar in her press conference, saying Facebook “used its monopoly power to crush smaller rivals and snuff out competition, all at the expense of everyday users.”
Facebook says the governments actions punish successful businesses and points out that the FTC approved the acquisitions of Instagram and WhatsApp years ago.
Facebook is the world's largest social network with a market value of nearly $800 billion and over 2.7 billion users.
Photo Source: Anthony Quintano
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