Lawsuits filed against Facebook which is accused of acting to protect its „monopoly power”

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A coalition of 48 state attorneys general, led by New York’s Letitia James, announced a new lawsuit against Facebook Wednesday. The company stifles competition to protect its “monopoly power,” they say. Another lawsuit was filed against Facebook at the same time by the Federal Trade Commission, also accusing it of anti-competitive practices. “For nearly a decade, Facebook has used its dominance and monopoly power to crush smaller rivals and snuff out competition, all at the expense of everyday users,” Attorney General James said in a statement. The separate FTC lawsuit alleged that the company illegally maintained its “monopoly” through years of anticompetitive practices. “We’re reviewing the complaints & will have more to say soon,” the company said. Attorneys general in Washington, D.C. said Facebook uses a variety of methods to maintain its dominance, specifically including acquiring smaller or potential rivals and quashing third-party developers on its platform. More, it was observed that Facebook’s power only grows as it collects users’ private information and uses it for its business interests. Facebook’s 2012 acquisition of Instagram and 2014 acquisition of WhatsApp was given as examples of it wielding its monopoly power. “Antitrust laws exist to protect consumers and promote innovation, not to punish successful businesses,” Jennifer Newstead, Facebook’s vice president and general counsel, told media.