U.S. antitrust officials and a coalition of American States have filed a lawsuit against Facebook seeking to Break the company by cancelling its Instagram and WhatsApp acquisitions. As per the plea, The acquisition deals were done to kill the competition illegally.
The Federal Trade Commission and the New York State Attorney’s Office said they filed antitrust complaints on Facebook on Wednesday, claiming the company is holding back competition from competitors to protect its monopoly on social media. According to copies of complaints filed by states and the FTC, the lawsuits require court orders to reverse the takeover of Facebook and Instagram and WhatsApp.
These cases represent the largest organizational attack against Facebook in the company’s history. The case is in foot step of the Justice Department’s October-2020 lawsuit against Alphabet Inc. Google. Collectively, the actions of Google and Facebook represent the most serious monopoly cases in the United States since the Justice Department filed a lawsuit against Microsoft Corp. In 1998. Unlike Google’s case, Facebook case seek a breakup of the company on Competition grounds.
Facebook shares fell 1.9 percent to close at $ 277.92 after falling more than 4 percent earlier.
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