FTC, 46 States Sue Facebook Over ‘Illegal Monopoly,’ Demanding It Give Up Instagram, WhatsApp
LET’S PLAY MONOPOLY!
The Federal Trade Commission and more than 40 states sued Facebook on Wednesday, claiming the social media company bought up competitors in a way that illegally stifled competition. The antitrust lawsuits, filed separately, call on Facebook to divest itself from Instagram and WhatsApp, which it acquired for $1 billion in 2012 and $19 billion in 2014, respectively. “Facebook’s actions to entrench and maintain its monopoly deny consumers the benefits of competition,” the FTC’s Bureau of Competition director, Ian Conner, said in a statement. “Our aim is to roll back Facebook’s anticompetitive conduct and restore competition so that innovation and free competition can thrive.” In a statement, Facebook said it was reviewing the complaints. “Years after the FTC cleared our acquisitions, the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day,” the statement read.
You can read the lawsuit here: https://portal.ct.gov/-/media/AG/Press_Releases/2019/Facebook-Complaint.pdf