Facebook parent company Meta Platforms defeated a US attempt to unwind its acquisitions of Instagram and WhatsApp on Tuesday when a federal judge ruled the company did not hold a social media monopoly.
The ruling gives Big Tech its first decisive win against the antitrust crackdown started in US President Donald Trump’s first term, and is a major setback for the Federal Trade Commission, which is pursuing a separate antitrust case against Amazon.com.
The agency sought to force Meta to restructure or sell Instagram and WhatsApp to restore competition, saying the company spent billions of dollars on the acquisitions to eliminate nascent competitors.
Meta shares pared losses after the news, and were down just 0.3 per cent at US$599.95 in late afternoon trading.
“Our products are beneficial for people and businesses and exemplify American innovation and economic growth,” a Meta spokesperson said. “We look forward to continuing to partner with the Administration and to invest in America.”
“We are deeply disappointed in this decision,” said FTC spokesperson Joe Simonson, adding, “we are reviewing all our options”
