Facebook hit with blockbuster antitrust lawsuits by FTC, 46 states
(Worthy News) – Facebook got slapped with a pair of blockbuster antitrust lawsuits on Wednesday, as government officials accused the Silicon Valley giant of systematically acquiring smaller rivals in order to prevent them from becoming competitive threats.
Both the Federal Trade Commission and a bipartisan coalition of attorneys general from 46 US states as well as the District of Columbia and Guam are looking to force Facebook to unwind its acquisitions of Instagram and WhatsApp.
The states’ lawsuit led by New York AG Letitia James alleges Facebook pursued two of its biggest acquisitions — a $1 billion purchase of Instagram in 2012 and a $19 billion tie-up with WhatsApp in 2014 — in order to cement its position as the world’s biggest social media platform. [ Source: NY Post (Read More…) ]
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