A lawsuit filed against social media giant Facebook has exposed evidence of the widespread and illegal tactics that the company employed to force companies to sell out to the social media giant.
Allegedly, companies that refused the offer to be bought up by Facebook would experience the “wrath of Mark,” in a clear reference to the head of Facebook, Mark Zuckerberg.
In the complaint filed by dozens of state officials, they allege that “For almost a decade, Facebook has had monopoly power in the personal social networking market in the United States. [Facebook] has maintained its monopoly position by buying up companies that present competitive threats and by imposing restrictive policies that unjustifiably hinder actual or potential rivals that Facebook does not or cannot acquire.”
The lawsuit goes on to say that Facebook would target startups and buy them up to use as a “moat” around Facebook to neutralize any competition the company faced.
Facebook has denied that they are a monopoly as their revenue lags behind that of Google. This defense only shows that social media is under the rule of two gigantic corporations that often work with each other to the consumer’s detriment.
It is long past time to break both companies up and hold them accountable for their anti-competitive practices and the damage they have done to consumers.
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