Facebook inc. whatsapp inc.5/10/2023 ![]() “Our aim is to roll back Facebook’s anticompetitive conduct and restore competition so that innovation and free competition can thrive.”įacebook generated revenues of more than $70bn and profits above $18.5bn in just the last year, according to the FTC’s complaint, and regulators allege that anticompetitive actions taken by the company’s executives, including Mark Zuckberg, gave them a monopoly in the market. “Facebook’s actions to entrench and maintain its monopoly deny consumers the benefits of competition,” Ian Conner, director of the FTC’s bureau of competition, said in a statement. The FTC is seeking a permanent injunction in federal court that could force Facebook to sell off Instagram and WhatsApp. The US Federal Trade Commission (FTC), which collaborated with the attorneys general in a years-long investigation, launched its own suit alleging that Facebook engaged in a “systematic strategy” of anticompetitive conduct. ![]() Instead of competing on the merits, Facebook used its power to suppress competition so it could take advantage of users and make billions by converting personal data into a cash cow.” “Today, 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. ![]() “For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals and snuff out competition, all at the expense of everyday users,” said James in a statement. ![]() The suit accuses Facebook of abusing its market power to quash smaller competitors. One lawsuit brings together nearly every state in the US, a coalition led by New York’s attorney general, Letitia James. ![]()
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