Big news: Facebook’s website will be broken, lawsuit filed Facebook, a company with 2.7 billion users, has called the government’s claims a ‘revisionist history’. Facebook alleges that the FTC had approved the acquisition of Instagram and WhatsApp years ago.
After Google, the US government is now moving on the path of breaking Facebook. A government agency that monitors competition in the US has filed a lawsuit against Facebook. Apart from the Federal Trade Commission (FTC), 48 states in the US have also made such claims against Facebook. All of them allege that Facebook misused its market power and Facebook bought small competing companies such as Instagram and WhatsApp to maintain a monopoly. These steps of Facebook reduced the options for common people. The regulators also allege that such deals jeopardized the privacy of the people. Also read: This country trembled by horrific massacre, killing hundreds of people with knife and knife, heaps of corpses Devious strategy The lawsuits have been filed after two separate investigations, nearly 18 months long. According to the FTC, Facebook created a ‘planned strategy’ to eliminate competition. He bought small and fast emerging rival companies. Instagram was purchased in 2012 and WhatsApp in 2014 under this strategy. 4 New York Attorney General Letitia James said in a press conference – It is very important that we block companies’ acquisitions like a hunter and restore market confidence. 4 facebook (PC: social media) Facebook reply Facebook, a company with 2.7 billion users, has called the government’s claims a ‘revisionist history’. Facebook alleges that the FTC had approved the acquisition of Instagram and WhatsApp years ago. Disputes are now being waged on the deals signed under the same approval and efforts are being made to punish successful businesses. Facebook’s General Counsel Jenfir Newstead issued a statement favoring the company, stating that the government now wants to do it again. She is warning American businesses the horror that no sale is ever a final. Antitrust critics point to Tic Talk and Snapchat, saying they can outlast older platforms like Facebook. Currently Facebook is the largest social media company in the world. The company has a market value of $ 800 billion and Facebook CEO Mark Zuckerberg is the fifth richest person in the world. Where did the altercation begin All the world’s heavyweights, including former US President Barack Obama, used to use Facebook a lot like ordinary people. Big celebrities also used to attend Facebook live events. Compared to traditional media like television, print and radio, a new platform was giving everyone a chance to present their talk easily. Amongst the tech companies such as Google and Microsoft, Facebook got so involved that it added billions of people. Despite the immense popularity, Facebook was not able to make money for a long time. The company was looking for a deadly business model and this business model came from users’ personal data. By 2013-14, this data started leaking to the third party. What users see, how long they look, what are their habits, what they share, what they like to read, all this information became valuable data for the company. By 2013-14, this data started leaking to the third party. Through this data, many companies, including Cambridge Analytica, helped political parties around the world. Allegations of giving a particular type of news feed to the users started. In late 2016, it was revealed how data reached third parties with the help of Facebook. Based on this data, the Brexit campaign and the US elections were impacted. Fake news was flooded to change the opinion of the users. Facebook has been accusing that it is not stopping these things for profit.
By this point, the image of Facebook was tarnished in the eyes of American politicians and advocates of data privacy around the world. Even after this, many reports kept appearing. By July 2020, CEOs of companies such as Facebook, Google, Apple and Amazon were presented before a committee of the US Congress. The questions being asked by their owners were indicating that these companies, once considered the eyes of the American leaders, are now being arbitrary as monopolists. Demand to curb them began to arise from both the ruling and the opposition. The lawsuits filed against Facebook in December 2020 are the beginning of this episode. There is a demand that many small companies are better for the market and competition than a large company.
Images Source : Google Search.