Facebook CEO Mark Zuckerberg faces the Heat
The Federal Trade Commission (FTC) has been investigating Facebook for potential violations of US antitrust law for close to a year. Facebook announced in July 2019 that the agency had launched a probe into the company as part of its quarterly earnings disclosures. According to Politico, that investigation is still ongoing, and Zuckerberg testified under oath over the course of two days this week as part of the probe.
The agency is one of the multiple enforcers, including the US Justice Department and states attorneys general, exploring Facebook’s market power and influence.
Facebook is under investigation for whether it’s abusing its outsized share of the online advertising market, in addition to whether its acquisitions of Instagram and WhatsApp and its copying of competing apps’ features violate antitrust laws. At a congressional hearing last month, alongside the CEOs of three other technology giants, Zuckerberg defended those deals and argued that Facebook’s numerous products have a lot of competition.
Facebook spokesperson reported that “they are committed to cooperating with the US Federal Trade Commission’s inquiry and answering the questions the Agency may have.”