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10.12.20_Drop in price of Facebook shares due to a lawsuit because of alleged violation of antitrust law

Facebook fell to the red numbers on Wednesday (by more than 2%) after the Federal Trade Commission and a number of states sued the social media company for alleged antitrust violations and called for the company to break up.

 

“We are taking steps to stand up for the millions of consumers and many small businesses that have been harmed by Facebook’s illegal behavior,” said New York Attorney General Letitia James, who is leading a monopoly lawsuit filed by 46 states.

 

A number of examples of antitrust activities are pointed out, including the acquisition of Instagram by Facebook in 2012 and the acquisition of WhatsApp in 2014. Legislative measures are being sought that could force the company to sell assets to reduce its monopoly power.

 

“The FTC is seeking a permanent court order in federal court that may require, among other things, the sale of assets, including Instagram and WhatsApp. Further, prohibit Facebook from imposing anti-competitive terms on software developers and require Facebook to prioritize approval for future mergers and acquisitions. ”

 

“Facebook’s actions to strengthen and maintain its monopoly deny consumers the competitive advantage,” said Ian Conner, director of the FTC’s Office of Competition. “Our goal is to return Facebook’s anti-competitive behavior and restore competition so that innovation and free competition can thrive. . ”

 

Problems with the Messenger platform, which falls under Facebook, have also been reported in recent hours. Are we going to see another decline?

 

Sources: Investing.com, Downdetector.com

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