Is Facebook Stifling the Competition in Social Media? More on the Facebook Antitrust Lawsuit:
An antitrust lawsuit is being prepared by the Federal Trade Commission (FTC) against Facebook for allegedly using its dominant position in the social media scene to stifle the competition. The lawsuit could come before the end of the year, according to the FTC.
The FTC has investigated the social media giant before on allegations that Facebook’s purchase of social media companies like Instagram and WhatsApp were strategically done to either support the social media company’s main mission or remove potential competitors.
Facebook has acknowledged in filings with the Securities and Exchange Commission (SEC) the report and confirmed the investigation done by the FTC and the Justice Department on the company for potential antitrust charges. CEO Mark Zuckerberg is said to have testified to the agency investigation.
Spotlight on Big Tech Companies
The spotlight on investigations related to privacy and anticompetitive behavior has been focused on technological companies for more than a few years. Concerns have been raised about major industry players such as Facebook, Google, Amazon, and Apple by government regulators. It has been suggested that Facebook and Alphabet be broken up to avoid a monopoly.
According to FTC Chairman Joe Simons, “Digital technology companies are a big part of the economy and our daily lives. This initiative will enable the Commission to take a closer look at acquisitions in this important sector, and also evaluate whether the federal agencies are getting adequate notice of transactions that might harm competition. This will help us continue to keep tech markets open and competitive, for the benefit of consumers.”
Editor’s note on the Facebook Antitrust Lawsuit News:
This article is created to inform you of the news about the Facebook Antitrust Lawsuit. If you have questions regarding the news, please send us a message!
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