Meta resorted to buy-or-bury scheme with Instagram and WhatsApp deals, former FTC Chair Lina Khan says
Summary
Former U.S. Federal Trade Commission Chair Lina Khan said Monday that Facebook "panicked" when making the acquisitions of Instagram and WhatsApp as smartphone use took off. "It saw companies like Instagram and WhatsApp experiencing astronomical growth, and thats the point at which it resorted to this buy-or-bury scheme where, if it couldnt outcompete a rival, it either bought them out or cut them off its network," Khan said on CNBCs "Squawk Box." Meta , the parent company of Facebook, Instagram and WhatsApp, begins a trial with the FTC on Monday. The trial could result in the social media giant divesting the two companies. Meta has filed a pretrial brief detailing its disagreement with the FTC and reiterating that it believes the company does not have a monopoly.
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