Facebook Marks 20th Anniversary with Latest Tech Updates
The US and EU Open Investigations into Facebook for Monopoly and Competition Violations
Facebook is under scrutiny as both the US and the European Union have opened investigations into the social media giant for potential monopoly and competition violations. In the US, multiple states initiated an antitrust investigation in 2019, and in 2020, 46 states and the Federal Trade Commission filed lawsuits against the company for allegedly hindering competition. The New York Attorney General’s Office led the 2019 investigation, and the lawsuits in 2020 accused Facebook of making monopoly and competition impossible.
In the EU, a competition investigation was launched in 2021 specifically targeting Facebook Marketplace, the product shopping service, and its classified ads. The EU is looking into whether Facebook’s practices in these areas are anti-competitive.
Frances Haugen, a former Facebook employee turned whistleblower in 2021, has been vocal about the company’s alleged prioritization of its own interests over the public interest and company profits. Haugen’s revelations have added to the scrutiny already facing Facebook.
These investigations and lawsuits underscore the growing concerns surrounding Facebook’s dominance in the social media and online marketplace sectors, and the outcomes of these cases could have far-reaching implications for the company’s future business practices.
