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US FTC considering a possible antitrust lawsuit against Facebook: Report

Hemani Sheth Mumbai | Updated on September 16, 2020 Published on September 16, 2020

Facebook CEO Mark Zuckerberg   -  REUTERS

Social media giant’s alleged ‘monopolistic’ practices under scanner

The United States Federal Trade Commission is preparing to file a possible antitrust lawsuit against Facebook by the end of this year, the Wall Street Journal reported.

The FTC has been investigating the social media giant’s business practices for over a year.

Facebook CEO Mark Zuckerberg last month had reportedly testified at an investigative hearing as part of this ongoing investigation.

The FTC is investigating Facebook to determine whether the company had engaged in unlawful monopolistic practices, Politico reported.

‘Committed to cooperate’

“We are committed to cooperating with the US Federal Trade Commission’s inquiry and answering the questions the Agency may have,” the company had said in a statement as quoted by The Verge.

No final decision on the lawsuit has been made yet. Any lawsuit would require a majority vote among the five-member FTC, WSJ reported.

The social media major is in the process of making its case. The focus of the commission will be on the company’s past acquisitions, the report said.

The company has faced similar probes in the past by the Justice Department and by state attorney general.

Zuckerberg in July faced a barrage of questions as part of an ongoing investigation by the US House Judiciary Antitrust, Commercial and Administrative Law Subcommittee.

Strategy under fire

The Facebook CEO had faced the heat in terms of its strategy to quash competition by acquiring them.

Zuckerberg had said that Facebook “adapted” certain features from the competition.

Certain old emails had also come to light where Facebook had decided to adopt a rather aggressive strategy in terms of competition.

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Published on September 16, 2020
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