Facebook Must Be Broken Up: Federal Trade Commission Files Antitrust Lawsuit
The Federal Trade Commission (FTC) and an alliance of attorneys general from 48 states and territories filed a pair of stinging antitrust lawsuits on Wednesday against Facebook (NASDAQ: FB), asking that the company be broken up.
The government's case revolves around Facebook's acquisitions of Instagram and WhatsApp in 2012 and 2014, respectively. The lawsuit claims the tech giant bought rivals to eliminate competition. The filing also cites Facebook's attempts to acquire other popular platforms, including Twitter (NYSE: TWTR) and Snap's (NYSE: SNAP) Snapchat. The FTC is asking for a permanent injunction that could force the social media platform to divest Instagram and WhatsApp.
Image source: Getty Images.
Source Fool.com
