Last updated on December 8th, 2022 at 02:39 pm
FTC Sues Facebook
Facebook may be forced to sell its previously acquired WhatsApp and Instagram. If anything, such a claim is contained in a lawsuit filed by the US Federal Trade Commission (FTC) and nearly all states against the social media giant. According to the plaintiffs, Facebook’s strategic acquisitions violate the rules of competition.
Facebook may be obliged to sell Instagram and WhatsApp
“For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals and stifle competition, all at the expense of ordinary users,” New York Attorney General Letitia James said on behalf of the coalition. 46 states.
Recall that Instagram was acquired by Facebook for $ 1 billion in 2012, and WhatsApp – for $ 19 billion in 2014.
Considering that the FTC approved both deals at one time, the proceedings could drag on, possibly for years.
Facebook’s General Counsel Jennifer Newstead has already called the lawsuits “revisionist history” and said there are no antitrust laws to punish “successful companies.” WhatsApp and Instagram were both successful, she said after Facebook invested billions of dollars in developing related apps.
