US Federal Trade Commission And 48 States File Legal Proceedings To Break-Up Facebook Citing Uncompetitive Practices

SHARE:

US Federal Trade Commission And 48 States File Legal Proceedings To Break-Up Facebook Citing Uncompetitive Practices

The United States Federal Trade Commission has decided to sue for the break-up of social-media giant Facebook. Attorney generals from 48 states are also filing their own lawsuits for the breakup of Facebook. The plaintiffs claim that the social-media company is now so powerful that it requires government oversight and to be properly regulated. It is also alleged that the company has took part in monopolistic and uncompetitive practices by buying up smaller social-media firms and potential competitors, including messaging apps and platforms such as Instagram.

It follows years of complaints against Facebook that the site has monopolised advertising, taken vast swathes of people's personal data, and allowed fake-news and political extremist content to be dispersed through the social media community. This it is claimed has even had huge ramifications for democracy and fair elections.

The FTC said in a statement:

"Facebook has maintained its monopoly position by buying up companies that present competitive threats and by imposing restrictive policies that unjustifiably hinder actual or potential rivals that Facebook does not or cannot acquire."

Facebook responding to the legal proceedings by saying:

"Years after the FTC cleared our acquisitions, the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day."

In effect, Facebook is claiming that if the company is broken down or regulated, it will mean that no company in the future can be sure of buying up other companies or acting in a way that expands their business because the government can later come and retroactively void these legal business agreements. Therefore, such actions are bad for all businesses in the United States.

New York Attorney General, Letitia James, who is part of the states' lawsuit, said:

"By using its vast troves of data and money, Facebook has squashed or hindered what the company perceived as threats. It also sent a clear message to the industry: Don't step on Facebook's turf."

Facebook has already previously paid $5 billion to end an FTC investigation into the company's privacy practices, including how they manage the data that they garner from users. Never in history has a company had such an in-depth knowledge of individuals and their habits, which while making it a fantastic tool for advertisers, also makes it highly-prized by those who may wish to use that data maliciously.

The news of the lawsuits has already led to Facebook shares falling by 4 per cent. Many of those who invested in Facebook when it was just beginning in the late 2000s have become extremely wealthy as a result of their earlier investments, including CEO and founder Mark Zuckerberg, who is now one of the world's richest people.

COMMENTS

Name

Activism,1286,Art,748,BLM,22,Consciousness,1543,CoVid-19,121,Cures,226,Do it Yourself,111,Documentaries,70,Environment,1267,Fiction,1,Health,690,History,405,Human Intelligence,550,Inspirations,2,Inspiring Stories,4013,Justice,513,Mental Health,8,News,516,Nutrition,216,Philosophy,309,Photography,1575,Quantum Physics,29,Quizzes & Tests,145,Quotes,113,Relationships,782,Science,1002,Self Improvement,837,Spirituality,248,Sustainability,240,Technology,435,Truth,755,
ltr
item
Thinking Humanity: US Federal Trade Commission And 48 States File Legal Proceedings To Break-Up Facebook Citing Uncompetitive Practices
US Federal Trade Commission And 48 States File Legal Proceedings To Break-Up Facebook Citing Uncompetitive Practices
The United States Federal Trade Commission has decided to sue for the break-up of social-media giant Facebook. Attorney generals from 48 states are al
https://1.bp.blogspot.com/-2gpuLbsBmWQ/X9j2ApC_YwI/AAAAAAAACiU/bCAVeupJR4YQ6RONBlPGN2it0b8KtmOwQCNcBGAsYHQ/s0/US%2BFederal%2BTrade%2BCommission%2BAnd%2B48%2BStates%2BFile%2BLegal%2BProceedings%2BTo%2BBreak-Up%2BFacebook%2BCiting%2BUncompetitive%2BPractices.webp
https://1.bp.blogspot.com/-2gpuLbsBmWQ/X9j2ApC_YwI/AAAAAAAACiU/bCAVeupJR4YQ6RONBlPGN2it0b8KtmOwQCNcBGAsYHQ/s72-c/US%2BFederal%2BTrade%2BCommission%2BAnd%2B48%2BStates%2BFile%2BLegal%2BProceedings%2BTo%2BBreak-Up%2BFacebook%2BCiting%2BUncompetitive%2BPractices.webp
Thinking Humanity
https://www.thinkinghumanity.com/2020/12/us-federal-trade-commission-and-48-states-file-legal-proceedings-to-break-up-facebook-citing-uncompetitive-practices.html
https://www.thinkinghumanity.com/
https://www.thinkinghumanity.com/
https://www.thinkinghumanity.com/2020/12/us-federal-trade-commission-and-48-states-file-legal-proceedings-to-break-up-facebook-citing-uncompetitive-practices.html
true
7064777598104498166
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS PREMIUM CONTENT IS LOCKED STEP 1: Share to a social network STEP 2: Click the link on your social network Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy