Meta (META-2.36%) has filed a motion for judgment to wrap up its antitrust trial, claiming it doesn’t want to spend more of anyone’s time or money. Facebook’s parent company claims that the Federal Trade Commission has not provided any evidence of unlawful monopoly. If granted, the motion would end the trial.
The FTC alleged that Meta abused its social-networking dominance as part of a “buy or bury” strategy to squash emerging threats. If Mark Zuckerberg’s company loses the case, it could be forced to divest of Instagram and WhatsApp, believed to comprise as much as half of the Meta’s ad revenue. Meta is worth $1.6 trillion.
Yesterday, the FTC rested its case after five weeks of trial. “It is clear that the FTC has failed to meet the legal standard required under antitrust law,” said Meta spokesperson Christopher Sgro. The representative went on to reiterate Meta’s opening argument, saying its case will “show what every 17-year-old in the world knows: Instagram competes with TikTok (and YouTube (GOOGL-1.57%) and X and many other apps).” Sgro added, “The FTC spent tens of millions of taxpayer dollars bringing a weak case with a market definition that ignores reality.”
Instagram and WhatsApp, acquired in 2012 and 2014 respectively, have overtaken Facebook’s importance among newer generations. On the stand, Zuckerberg disputed the idea that his company had any kind of monopoly, citing the current competitive threats it faces from TikTok, SnapChat (SNAP-13.15%), YouTube and others for users’ attention.
Whether or not the motion filed on Thursday night proceeds, it offers a glimpse of the defense.
The Meta trial is only one of many antitrust cases filed since 2020 that could break up Big Tech.
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