09/04/2021
Facebookโs Double Bullseye
Facebook than when Brenda Song agreed to be in The Social Network. After a Washington, DC, a federal court dismissed two antitrust cases against the company, it became the fifth US firm to reach a $1 trillion market capitalization.
The backstory: In December, the FTC and a group of attorneys general from 48 states and territories hit Facebook with two lawsuits, alleging the company has a monopoly over personal social networking after its purchases of WhatsApp and Instagram.
Judge James Boasberg did not think the FTC provided sufficient evidence to back up that argument. โIt is almost as if the agency expects the court to simply nod to the conventional wisdom that Facebook is a monopolist,โ he said.
After the decision, Facebook shares gained 4.2% for its grand entrance into the four-comma dollar club. The first US company to hit a $1 trillion valuation was Apple in 2018, and since then Microsoft, Amazon, and Alphabet have all joined.
Looking ahead...while this is a setback for regulators, Facebook isnโt in the clear yet. The FTC has until July 29 to file an amended complaint and yesterday, the House Judiciary
Committee approved all six bills that would give US antitrust law its biggest makeover in decades.
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