Facebook Swings Lower as FTC Sues for Antitrust Violations By Investing.com



© Reuters.

By Yasin Ebrahim

Investing.com – Facebook fell deeper into the red on Wednesday after the Federal Trade Commission and a slew of states sued the social media company for antitrust violations and called for the break up of the company.  

Facebook (NASDAQ:) fell more than 2%.

“We are taking action to stand up for the millions of consumers and many small businesses that have been harmed by Facebook’s illegal behavior,” said New York State Attorney General Letitia James, who is leading a monopoly lawsuit brought by several states against the social media company.

The FTC pointed to numerous examples of antitrust activity including Facebook’s 2012 acquisition of Instagram and 2014 buyout of Whatsapp.

The FTC alleges Facebook is illegally maintaining its social networking monopoly after years of anticompetitive conduct. An investigation in cooperation with a coalition of attorneys general of 46 states, the District of Columbia, and Guam led to the complaint. The government is seeking a permanent injunction in federal court that could require divestitures of Instagram and WhatsApp, and require that Facebook seek prior notice and approval for future mergers and acquisitions.

“Facebook’s actions to entrench and maintain its monopoly deny consumers the benefits of competition,”  said Ian Conner, Director of the FTC’s Bureau of Competition. “Our aim is to roll back Facebook’s anticompetitive conduct and restore competition so that innovation and free competition can thrive.”

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *