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Facebook Faces Refiled Antitrust Complaint From FTC

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Federal Trade Commission (FTC) has refiled an antitrust complaint against the social media giant Facebook (FB) - Get Meta Platforms Inc. Class A Report on Thursday. 

In its complaint, FTC accused Facebook of resorting to an “illegal buy-or-bury scheme to rush competition.”

“Facebook lacked the business acumen and technical talent to survive the transition to mobile. After failing to compete with new innovators, Facebook illegally bought or buried them when their popularity became an existential threat,” said Holly Vedova, FTC Bureau of Competition Acting Director. “This conduct is no less anti-competitive than if Facebook had bribed emerging app competitors not to compete. The antitrust laws were enacted to prevent precisely this type of illegal activity by monopolists."

The amended complaint also says that Facebook continues to monitor the industry for competitive threats to its personal social networking monopoly.

"Facebook’s actions have suppressed innovation and product quality improvements. And they have degraded the social network experience, subjecting users to lower levels of privacy and data protection and more intrusive ads. The FTC’s action today seeks to put an end to this illegal activity and restore competition for the benefit of Americans and honest businesses alike," Vedova added

Earlier, in June, a federal court dismissed the FTC’s first antitrust complaint filed against Facebook.

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