by Brandon Butler
FTC sues Facebook, calling it a monopoly 12/9/2020

Cecilia Kang and Mike Isaac for The New York Times

The Federal Trade Commission and more than 40 states accused Facebook on Wednesday of becoming a social media monopoly by buying up its rivals to illegally squash competition, and said the deals that turned the social network into a behemoth should be unwound.

Federal and state regulators, who have been investigating the company for over 18 months, said in separate lawsuits that Facebook’s purchases, especially Instagram for $1 billion in 2012 and WhatsApp for $19 billion two years later, eliminated competition that could have one day challenged the company’s dominance. […]

The prosecutors called for Facebook to break off Instagram and WhatsApp and for new restrictions on future deals, in what amounted to some of the most severe penalties regulators can demand.

Breaking off Instagram and WhatsApp doesn’t make Facebook any smaller of a monopoly.

More from Axios and The Verge.