Facebook hits $1 trillion value after judge rejects antitrust complaints
907 Tuesday, 29 June, 2021, 23:30 A U.S. judge on Monday dismissed federal and state antitrust complaints against Facebook Inc (FB.O) that sought to force the social media company to sell Instagram and WhatsApp, saying the federal complaint was "legally insufficient." Facebook shares rose more than 4% after the ruling. The share price rise put Facebook's market capitalization over $1 trillion for the first time. The dismissal was the first big blow to state and federal lawsuits against Big Tech firms last year seeking to rein in alleged abuses of their massive market power. Judge James Boasberg of the U.S. District Court for the District of Columbia said the FTC failed to show that Facebook had monopoly power in the social-networking market but said the FTC could file a new complaint by July 29. A spokesperson for the New York Attorney General’s office said it was "considering our legal options." Facebook had asked for the lawsuits to be dismissed. Regarding the FTC lawsuit, the judge wrote: "Although the court does not agree with all of Facebook's contentions here, it ultimately concurs that the agency's complaint is legally insufficient and must therefore be dismissed." |
Ukraine's Zelenskyy warns Putin will push Russia's war "very quickly" onto NATO soil if he's not stopped
11718:18Russia is gearing up for a big new push along a long front line
6418:02Thailand moves closer to legalising same-sex unions as parliament passes landmark bill
366Yesterday, 23:54Statement on the Continued Imprisonment of Armenian Officials and Civilians of the Republic of the Artsakh by the Republic of Azerbaijan
39226.03.2024, 19:54March 24 declared day of mourning in Russia after Moscow attack
78023.03.2024, 17:55They said they would not die for Donbass in Europe
89221.03.2024, 21:00Moldova declares 1 Russian diplomat persona non grata
76020.03.2024, 23:43Elon Musk defends using prescribed ketamine for ‘negative frame of mind’
94119.03.2024, 20:36