[ad_1]
The main Fox Business Flash titles are here. Find out what clicks on FoxBusiness.com.
A group of US states led by New York is investigating Facebook Inc for possible antitrust violations and plans to file a lawsuit against the social media giant next week, four sources familiar with the matter said on Wednesday.
The lawsuit would be the second major lawsuit filed against a Big Tech company this year. The Justice Department sued Alphabet Inc.’s Google in October.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
More than 40 states plan to sign the lawsuit, a source said, without naming them.
Facebook declined to comment. A spokesperson for the New York attorney general’s office declined to comment.
| Teleprinter | security | Latest | Change | Change% |
|---|---|---|---|---|
| FB | FACEBOOK INC. | 287.52 | +0.97 | + 0.34% |
The Federal Trade Commission, whose commissioners met on Wednesday, could file a related complaint with an administrative judge or district court.
ZUCKERBERG REJECTS Allegation that FACEBOOK IS A ‘RIGHT WING ECHO ROOM’
It is not known what states plan to include in their complaint. An allegation often made against Facebook is that it strategically sought to buy off potential small rivals, often at a high price. These include Instagram in 2012 and WhatsApp in 2014.
Facebook CEO Mark Zuckerberg argued in testimony to Congress that the company has a range of competitors, including other tech giants. He has championed controversial acquisitions like Instagram and WhatsApp, saying the social media platform has helped them grow from small, insignificant businesses to powerhouses.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
The Department of Justice and the FTC in 2019 launched antitrust investigations into the Big Four tech companies, which also include Amazon.com Inc and Apple Inc. Soon after, the attorneys general quickly convened to investigate Google and Facebook.
(Reporting by Diane Bartz; Editing by Richard Chang)
[ad_2]
Source link