FTC sued Facebook wanting assets as Instagram and WhatsApp sold as independent businesses, and FB broke up. Facebook has been eliminating competition by buying off companies that are a threat, a move that has seen Attorneys General sue Facebook from 48 states.
The lawsuit asks the court to order the “divestiture of assets, divestiture or reconstruction of businesses (including, but not limited to, Instagram and/or WhatsApp),” as well as other possible relief the court might want to add.
The announcement is a major step that has been years in the making, with Facebook and several other major U.S. technology companies having grown quickly in the past 10 years with little government oversight.
But the lack of scrutiny has changed recently, with a series of lawsuits that now threaten to rein in the dominance of big American tech firms that have grown to be among the world’s most valuable companies.From NBC News
FB has grown for the past decade with very little scrutiny from the government. President-elect Joe Biden expressed his dislike for Mark Zuckerberg, saying he has never been a fan and how he thinks he is a real problem. He talks about the arrogance in Silicon Valley from the tech firms and the close to a criminal act that Facebook committed during the 2016 presidential election by failing to stop Russian operatives from using its services. After news of FTC suing Facebook, its price shares fell by around 4%.