Meta Wins FTC Antitrust Case, Not A Social Media Monopoly

Benzinga

A federal judge dismissed the FTC’s claim that Meta holds an illegal social-networking monopoly, ruling that TikTok and YouTube now meaningfully compete with Facebook and Instagram. The decision ends a five-year effort to unwind Meta’s acquisitions of WhatsApp and Instagram.

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00:00It's Benzinga, bringing Wall Street to Main Street

00:02Meta scored a legal victory after a federal judge rejected the Federal Trade Commission's

00:07allegation that it holds an illegal monopoly on personal social networking, according to CNBC.

00:13Judge James Bosberg said video-focused competitors like TikTok and YouTube now serve as substitutes

00:18for Facebook and Instagram, and he noted the FTC provided no empirical evidence to counter

00:23Meta's data. The ruling ends a five-year case in which regulators sought to unwind Meta's purchases

00:28of WhatsApp and Instagram. Meta said the decision affirms that it faces intense competition

00:33and that its products support innovation and economic growth. Meta's stock traded at $602.71,

00:40up 0.12% on Tuesday. For all things money, visit Benzinga.com.

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