Federal Trade Commission Chairman Andrew Ferguson previews the launch of an agency antitrust case against Meta and details the Trump administration’s deregulation agenda.
Federal Trade Commission (FTC) Chairman Andrew Ferguson placed emphasis on government antitrust cases against the social media giant Meta Platform Monday appearance on “Mornings With Maria.”
A trial arising from an agency claiming that the FTC and Meta are “engaged in anti-competitive acquisitions to protect their dominant position” in individual social networking went to court Monday morning. It has officially progressed.
The agency’s lawsuit has had special issues with purchasing Meta on Instagram and WhatsApp, asking tech companies to sell or restructure their businesses to “recover competition.” These large transactions occurred in 2012 and 2014, respectively.
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“Morning with Maria“Host Maria Bartiromo reported on the weekend that a Meta spokesperson “is sending a message that “more than a decade has passed since the FTC considered and cleared the acquisition, and the Commission’s lawsuit in this case will send a message that the deal is really not final.”
Commissioner Andrew Ferguson was tapped last month to chair the FTC. (Screenshots / Federal Trade Commission / FOX News)
Asked about Meta’s trial, Ferguson told Baltiromo that President Donald Trump “started this lawsuit in 2020 and we’re looking at it today.”
“About the finality of the transaction, FTC They don’t clear transactions and try to make predictions as to whether a transaction is anti-competitive,” he said.
“But here we have real evidence that the transaction turned out to be anti-competitive and gave Facebook and the Meta a huge amount of power. The power we all saw in full display in 2020.” “And that’s the purpose of this case, to address the power of meta and make sure the situation we had in 2020 never happens again.”
Ferguson said the FTC believes that “certainly” meta is “monopoly.”
On Monday, April 7th, Meta is set to close all third-party fact-checks on US platforms. (Nikolas Kokovlis/Nurphoto Via/Getty Images)
“We think the evidence that we are about to go to trial indicates that it is monopoly,” he said. “And then, we all saw in 2020 how powerful these social media platforms have in every aspect of everyday life, politics, elections, social life and economic life. This case It’s about working on such a force and making sure 2020 never happens again. ”
Meta, led by CEO Mark Zuckerberg, has been eagerly pushed back by the FTC’s claims about monopoly, calling the agency’s case “weak.”
in press release The tech company issued over the weekend claimed “it is facing strong competition in a rapidly changing technological environment that includes US and foreign competitors,” and said “the competition has grown” since the FTC filed a complaint.
Meta alleged that the FTC “has won a fictional market where Facebook and Instagram compete only with apps called Snapchat and Mewe.” When Tiktok and YouTube were considered, it said its market share is below 30% and competes with other social media platforms.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| Meta | Meta Platforms Inc. | 543.57 | -2.72 |
-0.50% |
“It’s ridiculous that the FTC is trying to disband the great American company while also trying to save China’s owned Tiktok,” Mehta said. “And it makes no sense for regulators to try and undermine US companies at the moment when they are most needed to invest in competition with China for their AI leadership.”
When he appeared in “Mornings With Maria,” Ferguson told Baltiromo that he had taken a “different” approach to mergers and acquisitions, and described himself as an “anti-trust enforcer.”
September 28, 2024, Federal Trade Commission Headquarters in Washington, DC. (Stefani Reynolds/Bloomberg Via/Getty Images)
“I think it’s really important to protect all Americans in every aspect of our daily lives by making sure we don’t have monopolies and no scams,” he said. “But as you know, mergers and acquisitions are important parts of how the economy grows, and that’s a key part of being innovative and vibrant in our economy.”
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Ferguson said he is looking at the role of the FTC. With the merger And if the agency doesn’t think they’re anti-competitive, they go to court, and they don’t think they’re doing that, they “quickly get out of the way.”
Trump chose Ferguson to become chairman of the FTC on the first day of his second presidential term.
