Source: Facebook Circular Logo For Use w/ DMV Podcast Page / facebook
Looks like creator Mark Zuckerberg will have some explaining to do. According to cbsnews.com the Facebook giant is being sued by the federal government and 46 states for simply using its dominance to buy up all smaller competitors that the social media giant may view as a threat.
They are calling for Facebook to break up on Instagram, and Whats App. Facebook has been squashing potential rivals and which has also weakened the privacy protection of its users.
The lawsuit, led by New York Attorney General Letitia James, states this
“For nearly a decade, Facebook used its dominance and monopoly power to crush smaller rivals, at the expense of users,” James said in a press conference on Wednesday. “No company should have this much unchecked power over our personal information and our social interactions.
The lawsuits both state Facebook’s 2012 purchase of Instagram for $1 billion and a $19 billion deal for WhatsApp in 2014 as examples of its efforts to eliminate competitors.
Facebook today counts 2.7 billion users and leverages access. The company took in nearly $70 billion in ad revenue last year. Investors value it at $800 billion.
We will have to wait and see how this turns out!
Well do you think Facebook is is using its Dominance to keep the smaller companies out?
