A lawsuit has been filed against popular social networking website Facebook for allegedly adopting exploitative tactics against its competitors to maintain market dominance.
The case against Facebook has been filed by the US Federal Trade Commission in the local court of New York. The lawsuit, filed by New York Attorney General Letita James, says Facebook has adopted illegal tactics to eliminate competition from its competitors and establish a monopoly by usurping users’ rights.
The lawsuit further states that it is necessary to stop this exploitative process of forced purchase by Facebook to weaken the rival companies in order to restore the confidence of the investors in the market.
According to media reports, if the lawsuit is lost, Fee could be forced to sell social media platforms Instagram and WhatsApp. Facebook bought Instagram for one billion dollars in 2012 and WhatsApp for $19 billion in 2014. It should be noted that in May of this year, Facebook also bought the world’s most popular animated photo sharing company, Guffey.
According to the report, Facebook acquired the shares of Goofy Company for 400 million dollars, after which the three biggest companies in the world came under the ownership of Instagram, WhatsApp, Goofy Facebook.
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2024-07-05 03:09:20