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USA Regulators Bring Antitrust Action Against Facebook

The Federal Trade Commission and 48 states have filed two antitrust lawsuits against the social network on Wednesday, alleging anti-competitive practices. The suits charge that Facebook acquired WhatsApp and Instagram so that they could neutralize competition, and they’re seeking to remedy this by forcing the tech titan’s breakup. The could be a huge dent in CEO Mark Zuckerberg’s $690 billion firm, with Instagram being its current cash cow and WhatsApp is key to its expansion into digital commerce. The lawsuit caused Facebook stock to drop on the news, ending the day down 2 percent after increasing more than 35 percent this year.

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