FTC Sues to Break Up Meta Over Hidden Information in Acquisitions

FTC sues Meta, alleging concealed details during Instagram and WhatsApp acquisitions, aiming to break up the tech giant.

The U.S. Federal Trade Commission (FTC) has filed a lawsuit claiming that Meta concealed information during the initial review of its acquisitions of Instagram and WhatsApp. This lawsuit aims to break up the social media giant.

Meta, formerly known as Facebook, acquired Instagram in 2012 and WhatsApp in 2014.

While the FTC conducted an in-depth review of the Instagram acquisition, the WhatsApp deal only received a cursory 30-day review.

In 2020, antitrust authorities sued Meta, accusing it of monopolizing the personal social networking market by acquiring emerging competitors.

Meta is seeking to dismiss the case before trial, arguing that it invested billions in these applications and that the FTC should not overturn its previous approval of the mergers.

The FTC asserts that Meta had information in its files that was not provided during the initial review.

At Meta’s request, the FTC conducted a limited review of these transactions but now has more evidence, including pre-acquisition documents from 2012 and 2014 that Meta did not initially provide.

This is not the first time regulators have accused Meta of withholding information that could affect the initial merger review.

In 2017, European antitrust regulators fined Meta 110 million euros for providing misleading information during the WhatsApp transaction.

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FTC Sues to Break Up Meta Over Hidden Information in Acquisitions

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