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Facebook Joins $1 Trillion Club Following Antitrust Win
Facebook scored a major win in its antitrust case, with a federal judge dismissing attempts to roll back some of its biggest acquisitions.
Big Tech, including Facebook, has been under increased scrutiny. In particular, regulators have expressed concern over large tech companies buying up smaller competitors in an effort to head off potential threats.
The Federal Trade Commission was suing to force Facebook to divest itself of two of its largest acquisitions, Instagram and WhatsApp. Both services are considered crucial to the company’s future, as its core Facebook platform is poised to see its slowest yearly growth ever in 2021.
Judge James Boasberg, US District Court of Washington, DC, dismissed the case, saying the FTC “failed to plead enough facts to plausibly establish a necessary element… that Facebook has monopoly power in the market for personal social networking services,” according to International Business Times.
The ruling is a big win for Facebook and its stock reflected that in the aftermath of the ruling. The company quickly joined the $1 trillion valuation club, a first for the social media platform.
Facebook Joins $1 Trillion Club Following Antitrust Win
Matt Milano
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