Most lawmakers seem to have one thing in common— they all hate Big Tech. For different reasons, but ultimately everyone has reached a consensus…
Companies like Facebook, Google, and Apple are too big and powerful. 🤷
Despite lawmakers’ and regulators’ attempts to curtail tech companies, they keep failing. The FTC’s antitrust suit against Facebook was thrown out today (even though it was filed by 48 attorney generals from different states). Another W for Big Tech.
The FTC recommended forcing Facebook to sell/spin off its companies. The Court said the FTC’s claims were “legally insufficient and must therefore be dismissed.” FTC calculations on $FB’s market share were called “too speculative and conclusory to go forward.”
This probably isn’t the end of antitrust action. In the meantime, though, Facebook can relish in its victory. Congress and the White House will prep their next punch. 🥊
$FB closed above a $1T market cap for the first time ever; $FB rose 4.18% today.