FTC huddling as end to Facebook antitrust probe nears - report

Oct. 22, 2020 6:38 PM ETMeta Platforms, Inc. (META)GOOG, META, GOOGLBy: Jason Aycock, SA News Editor31 Comments
  • The Federal Trade Commission is "huddling privately" to discuss its antitrust probe of Facebook (NASDAQ:FB), The Washington Post reports - signaling its investigation has moved closer to an endgame.
  • Exact timing of any action is unclear. But a federal suit would follow closely on the Justice Department's landmark antitrust suit against Google (GOOG, GOOGL), and signal all-out war between the administration and Silicon Valley.
  • And it would follow an FTC privacy investigation into matters linked to the Cambridge Analytica breach that resulted last year in a $5B fine, a record for an FTC tech fine.
  • Now, as with Google, the focus is on competition, and specifically Facebook's dominance in social networking along with its purchases of Instagram and WhatsApp (which feds argue has ultimately made the company into a social monopoly).
  • Shares are up 0.4% after hours.

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