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The New York-led panel of U.S. states is investigating Facebook Inc. plans to file lawsuits against potential breaches of trust Social media Next week, four sources familiar with the matter said Wednesday.
Complaint is the second largest case filed against one Big Tech Company This year. The judicial case continued Alphabet Inc. Google In October.
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More than 40 states plan to sign the case, one source said, without being named.
Facebook declined to comment. A spokesman for the New York Attorney General’s Office declined to comment.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| FB | FACEBOOK INC. | 287.52 | +0.97 | + 0.34% |
The Federal Trade Commission, whose commissioners meet Wednesday, can file a related complaint to an executive law judge or district court.
Zuckerberg claims Facebook is a ‘right-wing echo chamber’.
It is unknown at this time what he will do after leaving the post. One of the most frequently alleged allegations against Facebook is that it strategically sought to buy small potential competitors, often at large premiums. This includes Instagram in 2012 and WhatsApp in 2014.
Facebook CEO Mark Zuckerberg argued in congressional testimony that the company has many competitors, including other technology companies. He has defended controversial acquisitions such as Instagram and WhatsApp, saying the social media platform has helped expand from small, insignificant companies into powerhouses.
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The Judiciary and the FTC began a no-confidence motion in 2019 against four major technology companies: Amazon.com Inc. and Apple Inc. After that, prosecutors generally quickly teamed up to investigate Google and Facebook.
(Report by Diane Parts; Compiled by Richard Song)
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