On Wednesday, New York Attorney General Letitia James announced a massive antitrust lawsuit against Facebook, claiming the social media giant has harmed competition by buying up smaller companies like Instagram and WhatsApp to squash the threat they posed to its business. Forty-seven other state and regional attorneys general are joining the suit.
The lawsuit centers on Facebook’s acquisitions, particularly its $1 billion purchase of Instagram in 2011. In addition to its acquisition strategy, the attorneys general allege that Facebook used the power and reach of its platform to stifle user growth for competing services.
“For nearly a decade, Facebook has used its dominance and monopoly...
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The FTC is suing Facebook to unwind its acquisitions of Instagram and WhatsApp
![The FTC is suing Facebook to unwind its acquisitions of Instagram and WhatsApp]()
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December 09, 2020
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