"In a memorandum opinion released Tuesday, Judge James Boasberg of the U.S. District Court in Washington, D.C., said the FTC failed to prove its argument. The case, initially filed by the FTC five years ago, centered on Meta's acquisitions of Instagram and WhatsApp. "Whether or not Meta enjoyed monopoly power in the past, though, the agency must show that it continues to hold such power now," Boasberg said in the filing. "The Court's verdict today determines that the FTC has not done so.""
"Boasberg dismissed the case in 2021, saying the agency didn't have enough evidence to prove "Facebook holds market power." In August of that year, the FTC filed an amended complaint with more details about the company's user numbers and metrics relative to competitors like Snapchat, the now-defunct Google+ social network and Myspace. After reviewing the amendments, Boasberg in 2022 ruled that the case could proceed, saying the FTC had presented more details than before."
""We are deeply disappointed in this decision," said Joe Simonson, the FTC's director of public affairs. "The deck was always stacked against us with Judge Boasberg, who is currently facing articles of impeachment. We are reviewing all our options." Meta CEO Mark Zuckerberg, former operating chief Sheryl Sandberg, Instagram co-founder Kevin Systrom, and other current and former Meta executives all testified in the trial, which began in April."
Meta prevailed in an antitrust case after a U.S. District Court judge found the FTC did not prove the company currently holds monopoly power in social networking. The litigation centered on Meta's acquisitions of Instagram and WhatsApp and dates back five years, including a 2021 dismissal and a 2022 decision allowing the amended complaint to proceed. The FTC expressed disappointment and said it is reviewing options. Multiple current and former Meta executives, including Mark Zuckerberg and Sheryl Sandberg, testified at trial. Meta's stock was little changed, and the company said the decision recognizes fierce competition.
Read at www.cnbc.com
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