US govt, 48 states sue Facebook accusing it of anti-competitive conduct
Published On: Thursday, December 10, 2020 | By: Team KnowMyStock
The US government and 48 states have filed parallel lawsuits against Facebook, accusing the social media giant of anti-competitive conduct by abusing its market power to create a monopoly and crushing smaller competitors. Soon after the Federal Trade Commission (FTC) and 48 state attorney generals sued the company yesterday(9th December 2020), Facebook's shares dropped significantly at the stock exchanges. The bipartisan coalition led by New York attorney general Letitia James alleged that Facebook has engaged in a systematic strategy to eliminate threats to its monopoly. This includes its 2012 acquisition of up-and-coming rival Instagram, its 2014 acquisition of the mobile messaging app WhatsApp and the imposition of anti-competitive conditions on software developers.
According to the federal complaint, this course of conduct by Facebook harms competition, leaves consumers with few choices for personal social networking, and deprives advertisers of the benefits of competition.
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