Skip to main content

New top story from Time: Facebook’s Market Value Climbs Over $1 Trillion as Judge Dismisses Antitrust Suits Against the Social Network

https://ift.tt/3hirG0C

Facebook Inc. won a court ruling dismissing two monopoly lawsuits filed by the U.S. government and a coalition of states that sought to break up the company, dealing a blow to the effort of antitrust officials to take on the biggest tech platforms.

The decision by U.S. District Judge James Boasberg in Washington on Monday sent Facebook shares soaring, pushing the company’s market value to more than $1 trillion.

Boasberg granted the company’s request to dismiss the complaints filed last year by the U.S. Federal Trade Commission and state attorneys general led by New York, saying in his opinion that the FTC failed to meet the burden for establishing that Facebook has a monopoly in social networking.
[time-brightcove not-tgx=”true”]

The judge said the FTC failed to clearly define the market and said its assertion about Facebook’s share of the market was “too speculative and conclusory to go forward.” He said the agency could refile the complaint within 30 days.

“Although the court does not agree with all of Facebook’s contentions here, it ultimately concurs that the agency’s complaint is legally insufficient and must therefore be dismissed,” Boasberg wrote.

Facebook shares gained as much as 4.9%, the most since April 29. The shares have advanced 30% this year.

“We are pleased that today’s decisions recognize the defects in the government complaints filed against Facebook,” said a company spokesman.

With the ruling, Facebook has escaped — at least for now — the most significant regulatory threat to its business to emerge out of the wider crackdown on U.S. technology giants. The FTC didn’t immediately comment on the decision. The New York Attorney General’s Office said it’s reviewing the decision and considering its legal options.

The ruling delivers a blow to the FTC and the states, which claimed Facebook violated antitrust laws by buying photo-sharing app Instagram and messaging service WhatsApp in order to cut off emerging competitive threats and protect its monopoly.

It also puts new emphasis on antitrust legislation advanced by the House Judiciary Committee last week that would make it easier for enforcers to challenge anticompetitive conduct by the biggest tech platforms.

Antitrust Hurdles

Boasberg’s decision to toss the Facebook complaints shows the hurdles U.S. antitrust enforcers face in trying to take on the internet giants. Officials on their own can’t break up companies or impose other remedies, but instead must persuade judges to take action. The process can take years.

In a separate opinion about the states’ lawsuit, the judge criticized the attorneys general for waiting years after the Instagram and WhatsApp deals to challenges the acquisitions.

“The states’ long delays were unreasonable and unjustified as a matter of law,” Boasberg said. “Both acquisitions were, per plaintiffs’ allegations, publicly announced, and the states were thus aware or certainly should have been aware of them from those points onward.”

The Facebook lawsuits were filed in December as part of a widening crackdown on America’s tech giants. The cases followed a Justice Department complaint against Alphabet Inc. for allegedly monopolizing internet search, and the findings of a House investigation that accused tech companies of abusing their dominance. Lawmakers have since proposed a pile of bills that would cast a broad regulatory net over the companies.

Antitrust investigators at the U.S. Justice Department have stepped up scrutiny of Google’s digital ad market practices in recent months, according to people familiar with the matter, showing that the Biden administration is actively pursuing a probe that started under former President Donald Trump.

For more: Google Ad Business Faces Scrutiny as DOJ Extends Trump-Era Probe

The Facebook lawsuits centered on the 2012 acquisition of Instagram and the 2014 takeover of WhatsApp. Officials say Facebook made the deals because it saw both companies as threats to its business. Rather than compete with its own products, Facebook followed Chief Executive Officer Mark Zuckerberg’s mantra: “it is better to buy than compete,” according to the FTC complaint.

Facebook offered $1 billion for Instagram when it had only 25 million users and no revenue, but had already started to capture the market for mobile photo-sharing. Zuckerberg said the threat from Instagram was “really scary,” according to the FTC complaint. The company paid $19 billion for WhatsApp because it saw messaging apps as another danger to its business. A Facebook executive said the apps “might be the biggest threat we’ve ever faced as a company,” the FTC complaint said.

Facebook attacked the complaints on several grounds. One of its key arguments was that the FTC investigated both acquisitions when they were announced and allowed both deals to proceed. While antitrust enforcers can challenge completed mergers, Facebook argued the FTC’s case was unprecedented and the agency never explained why its prior decisions approving the purchases were mistaken. The government simply wants a “do-over,” Facebook said.

The company also had argued that a U.S. Supreme Court ruling in April that curtailed the FTC’s authority to recover money for defrauded consumers required that the complaint be dismissed.

The case is Federal Trade Commission v. Facebook Inc. 20-cv-3590, U.S. District Court, District of Columbia (Washington).

Comments

Popular posts from this blog

FOX NEWS: Americans will suffer 5 sweaty, sleepless nights before turning on the AC for the summer, survey finds Nearly half of Americans wouldn’t date someone who didn’t have the same thermostat etiquette as them, according to new research.

Americans will suffer 5 sweaty, sleepless nights before turning on the AC for the summer, survey finds Nearly half of Americans wouldn’t date someone who didn’t have the same thermostat etiquette as them, according to new research. via FOX NEWS https://ift.tt/2Ay0ABA

New top story from Time: A COVID Outbreak Sparked by Partying Teens Leads to 5,000 Being Quarantined in Spain

https://ift.tt/2UJaeL7 MADRID — Almost 5,000 people are in quarantine after vacationing high school students triggered a major COVID-19 outbreak on the Mediterranean island of Mallorca, a senior official said Monday. Authorities have confirmed almost 1,200 positive cases from the outbreak, Spain’s emergency health response coordinator, Fernando Simón said. The partying teens celebrating the end of their university entrance exams last week created a “perfect breeding ground” for the virus as they mixed with others from around Spain and abroad, Simón told a news conference. Mallorca health authorities carried out mass testing on hundreds of students after the outbreak became clear. It is believed to have spread as hundreds of partying students gathered at a concert and street parties. Officials have so far traced 5,126 travelers to Mallorca. More than 900 COVID-19 cases in eight regions across mainland Spain have been traced back to the outbreak. Scores of infected teens are...

PM Modi lauds IFS officers for their work towards serving nation, furthering national interests https://ift.tt/36HoEzw

Greeting Indian Foreign Service officers on IFS day, Prime Minister Narendra Modi on Friday said that their work towards serving the nation and furthering national interests globally are commendable. Their efforts during the Vande Bharat Mission, which was launched to bring Indians home from abroad during the COVID-19 pandemic as international travel came to a halt, and other related help to our citizens and other nations is noteworthy, Modi added.

New Sculptures Light up Van Ness Avenue

New Sculptures Light up Van Ness Avenue By Luis “Loui” Apolonio Light sculpture at Van Ness Avenue and O'Farrell Street Spectators gathered both online and in person to watch new lighting sculptures on Van Ness turned on for the first time on March 31, 2022. The whimsical and brightly colored sculptures located on the new Van Ness BRT boarding platform between Geary and O’Farrell are made of steel with LED lights inside on a timer set to illuminate at night.  The lighting event was kicked off with SFMTA Director Jeff Tumlin and MTAB Chair Gwyneth Borden serving as emcees. Mary Chou, Director of Public Arts and Collections at the San Francisco Arts Commission, spoke about the art installation itself, as well as the process for selecting the artist who would be awarded the project. In addition, Maddy Ruvolo, a member of the SFMTA’s Accessible Services team and a recently appointed member of President Biden’s U.S. Access Board, shared the importance of having accessibility as a ...

Happy Lunar New Year 2022: Year of the Tiger 

Happy Lunar New Year 2022: Year of the Tiger  By Pamela Johnson Lunar New Year is one of the biggest holidays celebrated in many Asian communities. Diverse San Franciscan communities including Chinese, Japanese, Korean, and Vietnamese people have long celebrated this festive occasion.  For many, the Lunar New Year brings a fresh mindset and resolutions for happiness and health. A zodiac animal with specific traits represents each year in the repeating zodiac cycle of 12 years. 2022 is the Year of the Tiger, the third animal in the zodiac. The tiger is considered courageous and adventurous.   The holiday follows the moon's cycles and usually begins in late January or early February. This year Lunar New Year begins February 1.   Fun Fact: In the lunar calendar, the Vietnamese zodiac and the Chinese zodiac are similar, but the Vietnamese zodiac includes a cat while the Chinese ...

New T Third Connecting Chinatown to Sunnydale Starts Saturday

New T Third Connecting Chinatown to Sunnydale Starts Saturday By Christopher Ward New Muni Metro map. This Saturday the T Third starts its long-awaited new route connecting Chinatown-Rose Pak Station from 4th & King in Central Subway, Mondays through Fridays, 6 a.m. to midnight every 10 minutes and Saturdays and Sundays, 8 a.m. to midnight every 12 minutes.   The K Ingleside will now travel between Balboa Park and Embarcadero Station. Customers using Embarcadero & Folsom, Embarcadero & Brannan and 2nd and King platforms should transfer to the N Judah at Powell Station or 4th & King. Watch the new Muni Metro service  map animations . The following bus service changes also start this Saturday: The T Third Bus will now run along 3rd and 4th Streets in SoMa and on Stockton Street north of Market Street to align with the new T Third rail line and will no longer travel on the Embarcadero and Market Street.   The 6 Haight/Parnassus  will now...

Free Muni and Paratransit to COVID-19 Vaccine Appointments

Free Muni and Paratransit to COVID-19 Vaccine Appointments By Phillip Pierce Free Muni and Paratransit to COVID-19 Vaccine Appointments Starting on Tuesday, February 23, Muni and Paratransit will be free for those traveling to get vaccinated for COVID-19. This includes trips in both directions. The SFMTA is also providing additional access to taxi service for those who use the  Essential Trip Card . These rides are good for trips to the city-sponsored high-volume vaccine sites, hospitals or anywhere else that is offering vaccines. More information on the city-sponsored sites as well as directions on how to get there can be found on  the city vaccination website. We know that getting San Franciscans vaccinated is the city’s highest priority. This program is designed to eliminate transportation and cost barriers to receiving this life-changing vaccine. How to Ride on Muni Use our  trip planner  or  service map  to find the best way to get to your vacc...

FOX NEWS: Couple gets married at 'most beautiful' Taco Bell: 'It was the best of both worlds' Analicia Garcia, 24, and Kyle Howser, 25, from Sacramento, California, got married on Tuesday, Oct. 26 and had their reception at the famous Pacifica, California, Taco Bell.

Couple gets married at 'most beautiful' Taco Bell: 'It was the best of both worlds' Analicia Garcia, 24, and Kyle Howser, 25, from Sacramento, California, got married on Tuesday, Oct. 26 and had their reception at the famous Pacifica, California, Taco Bell. via FOX NEWS https://ift.tt/iznRBtFTJ

New top story from Time: ‘It’s a Catastrophe.’ Iranians Turn to Black Market for Vaccines as COVID-19 Deaths Hit New Highs

https://ift.tt/3AODY94 In January, Iranian Supreme Leader Ayatollah Ali Khamenei made the sudden announcement that American and British-made COVID-19 vaccines would be “forbidden” as they were “completely untrustworthy.” Almost nine months later, Iran is facing its worst surge in the virus to date — a record number of deaths and infections per day with nearly 4.2 million COVID-19 patients across the country , and a healthcare system near collapse. “It’s a catastrophe; and there is nothing we can do,” said an anesthesiology resident in one of Tehran’s public hospitals who due to the current surge is tasked to oversee the ICU ward for COVID-19 patients. “We can’t treat them nor help them; so all I can ask people to do is to stay home and do whatever it takes to not get exposed.” The doctor requested anonymity in order to speak freely; others interviewed by TIME asked to be identified only by their first name. [time-brightcove not-tgx=”true”] The scale of the crisis is such ...

SFMTA Staffers Share their Favorite SF Bike Rides

SFMTA Staffers Share their Favorite SF Bike Rides By Eillie Anzilotti Happy Bike Month, San Francisco! To celebrate, we’re sharing some of SFMTA staffers’ favorite rides through the city. From protected bike lanes to quick-build projects to Slow Streets, the JFK Promenade, and the Great Highway, all of the routes roll through projects that the SFMTA has completed in the last several years to make biking through San Francisco easier, safer, and joyful. We hope you get some inspiration for your next ride--and share your favorite route with us! For easy trip planning, we’ve included each ride below on an interactive map .   Jeffrey Tumlin, Director of Transportation: “I explore all of San Francisco by bike, but this is a standard trip: Starting from the Castro, I head up the Slow Street on Noe, where I like to admire the trees and people watch in Duboce Park. Then, I ride north on Scott to Fell Street along the Panhandle. When I reach the new JFK Promenade, it’s amazing how ...