- June 29, 2021
- Posted by: Stratford Team
- Category: Business
In an opinion published Monday afternoon, Judge James Boasberg of the US District Court for the District of Columbia held that the FTC “failed to plead enough facts to plausibly establish … that Facebook (FB) has monopoly power in the market for Personal Social Networking (PSN) Services.”
Boasberg wrote that the FTC did not do enough to back up its assertion that Facebook holds a “60%-plus” share of the social media market.
Facebook’s stock ended Monday up more than 4% following the news, pushing the company’s market value above $1 trillion for the first time.
The FTC had alleged that Facebook violated the nation’s anti-monopoly laws by acquiring nascent startups like Instagram that it perceived as a threat to its dominance, and by preventing others from plugging into Facebook’s services.
“We are pleased that today’s decisions recognize the defects in the government complaints filed against Facebook,” the company said in a statement.
The FTC is closely…