By Lucky Uwakina (AGENDAWATCHDOG) – Facebook’s value surpassed $1trillion on Monday for the first time, as the share price rose four percent following the dismissal of antitrust lawsuits bought against the tech giant by the government.
A federal judge on Monday dismissed the complaint brought by the Federal Trade Commission (FTC) and a coalition of state attorneys general – dealing a significant blow to attempts by regulators to rein in tech giants.
US District Judge James Boasberg ruled that the lawsuits were ‘legally insufficient’ and did not provide enough evidence to prove that Facebook was a monopoly.
Boasberg wrote that the FTC did not do enough to back up its assertion that Facebook holds a ’60pc-plus’ share of the social media market.
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.
The US government and 48 states and districts sued Facebook in December 2020, accusing the tech giant of abusing its market power in social networking to crush smaller competitors and seeking remedies that could include a forced spinoff of the social network’s Instagram and WhatsApp messaging services.