The anti-competition lawsuit against Facebook was dismissed, the trillion-dollar company added. A US judge on Monday dismissed federal and state antitrust lawsuits against Facebook. He said the federal complaint filed against the company of social media for forcing it to sell WhatsApp as well as Instagram was legally inadequate.
Anti Competition Lawsuit Against Facebook Dismissed
With the dismissal of the lawsuit, Facebook has become a trillion-dollar market value company. The company's shares have risen more than 4 percent. For the first time, Facebook's market capitalization has exceeded 1 trillion, due to the rise in share price.
The dismissals in the state and federal lawsuits filed against Big Tech companies last year are the first major blow to the alleged abuse of their huge market power.
"The FTC has failed to show that Facebook has a monopoly on social media, but the FTC has until July 29 to file a new complaint," said James Mossberg, a U.S. District Court judge for Colombia.
He also dismissed lawsuits filed by several US states,. Refiling the complaint was not allowed by the judge. They have to wait too long to challenge the acquisition of WhatsApp and Instagram in 2014 and 2012
Regarding the FTC case, the judge wrote: "Although the court does not agree with all of the contradictions presented by Facebook, it concludes that the agency's complaint is legally inadequate and should therefore be dismissed."
Facebook, on the other hand, said it was positive. "We are pleased that today's decision has identified weaknesses in government complaints filed against Facebook." A Facebook spokesperson said.
An FTC spokesman said the agency would review the opinion thoroughly and evaluate the best option soon. Agencies
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