WASHINGTON (AP) A federal judge on Monday dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and a coalition of state attorneys general, dealing a significant blow to attempts by regulators to rein in tech giants.
U.S. District Judge James Boasberg ruled Monday that the lawsuits were legally insufficient and didn t provide enough evidence to prove that Facebook was a monopoly. The ruling dismisses the complaint but not the case, meaning the FTC could refile another complaint. These allegations which do not even provide an estimated actual figure or range for Facebook s market share at any point over the past ten years ultimately fall short of plausibly establishing that Facebook holds market power, he said.
Facebook s Market Cap Tops $1 Trillion for the First Time After Antitrust Case Is Dismissed
Facebook has now joined the ranks of trillion-dollar companies, alongside the only other companies to reach such a market capitalization, Apple, Amazon, Alphabet, and Microsoft.
Based on Facebook s stock price on Monday, which closed up 4.2% at $355.64, the company now has a $1 trillion market capitalization. Apple was the first company to reach this milestone in mid-2018, and in August 2020, Apple became the first ever to hit a market cap of $2 trillion. Microsoft hit the $1 trillion mark in 2019, Alphabet joined them in mid-January 2020, and Amazon made it in later that month.
Judge dismisses US govt antitrust lawsuits against Facebook - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
A federal judge on Monday dismissed antitrust lawsuits brought against Facebook by the Federal Trade Commission and a coalition of state attorneys general, dealing a significant blow to attempts by regulators to rein in tech giants.
U.S. District Judge James Boasberg ruled Monday that the lawsuits were “legally insufficient” and didn’t provide enough evidence to prove that Facebook was a monopoly. The ruling dismisses the complaint but not the case, meaning the FTC could refile another complaint.
“These allegations which do not even provide an estimated actual figure or range for Facebook’s market share at any point over the past ten years ultimately fall short of plausibly establishing that Facebook holds market power,” he said.
Judge Dismisses Government Antitrust Lawsuits Against Facebook - New Delhi Times - India s Only International Newspaper newdelhitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newdelhitimes.com Daily Mail and Mail on Sunday newspapers.