New York Attorney General Letitia James has filed a lawsuit against Facebook, alleging the company is stifling its competitors to protect its monopoly power in the social media field.
The suit alleges that over the past decade, Facebook bought out its big competitors in a predatory manner and cut services to smaller competitors, depriving customers of the benefits of competition. She says the company wanted to boost its bottom line by increasing its share of social media advertising revenue. The suit accuses Facebook of violating both the Sherman and the Clayton Antitrust Acts.
James says she and 48 other attorneys general from around the country want Facebook to cease its monopoly practices and block the company from buying out any other firm valued at $10 million or more without first getting approval from the states.