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‘Unbelievable anti-competitive scheme in a generation’: Zuckerberg sue by 4 tech firms to sell his stake in Facebook

Facebook CEO Mark Zuckerberg

17.1.2020

Four tech companies are suing Facebook demanding that CEO Mark Zuckerberg give up his stake in the company. The four tech companies are accusing the Silicon Valley titan of running the worst “anti-competitive scheme”

The four companies are Cir.cl, an online marketplace and social media platform; Beehive Biometric, an identity-verification website; Lenddo, a Singapore-based financial services provider; and Reveal Chat, a messaging service.

In a federal lawsuit filed in San Francisco on Thursday, the firms accuse Facebook of running “the most brazen, willful, anticompetitive scheme in a generation” throughout the last decade.

They allege that the result of Facebook’s ownership of Instagram and WhatsApp is “one of the largest unlawful monopolies ever seen in the United States.” The firms also refer to Facebook’s planned integration of the services, claiming it could increase costs for consumers and leaves the door open for surveillance of users.

“The integration, if completed, will not only substantially lessen competition, it may allow Facebook to destroy it – for a very long time,” the suit reads.

It also demands that Zuckerberg sells his majority stake in the company. The 35-year-old acts as Facebook’s CEO and chairman and controls approximately 60 percent of the company’s voting shares.

“There is no adequate remedy of law to prevent the irreparable harm that has [resulted] – and will continue – to result from Zuckerberg’s continued control of Facebook,” the companies said.

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