Facebook Tumbles After Antitrust Probe Expands To 47 States And Territories

Tuesday, October 22, 2019
By Paul Martin

by Tyler Durden
ZeroHedge.com
Tue, 10/22/2019

Facebook shares hit session lows, down -3.29%, after the company’s antitrust woes exploded with now 47 states and territories joining New York’s push to investigate the company’s advertising practices.

A statement released by New York Attorney General Letitia James, who’s leading the probe, said:

NY AG LETITIA JAMES SAYS EXPANDED THE LIST OF STATES, DISTRICTS, AND TERRITORIES INVESTIGATING FACEBOOK FOR POTENTIAL ANTITRUST VIOLATIONS

NY AG LETITIA JAMES SAYS INVESTIGATION INTO FACEBOOK FOR POTENTIAL ANTITRUST VIOLATIONS NOW HAS SUPPORT OF 47 ATTORNEYS GENERAL

Reuters noted that Facebook’s stock decline was mostly due to the antitrust probe.

NY AG James also said in the statement that the leadership team investigating Facebook are the attorney generals of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee, and the District of Columbia.

The following attorney generals said (as per NY AG press release):

Arizona Attorney General Mark Brnovich:
“Free and competitive markets help ensure consumers have access to the highest quality and most cost-effective products and services. Enforcement of state consumer protection and antitrust laws in the modern marketplace demands new strategies and focused efforts from state and federal authorities. By working together, state attorneys general are leading the way in ensuring digital platforms respect consumer privacy and do not engage in anticompetitive behavior.”

Connecticut Attorney General William Tong:
“Social media is a critical part of doing business in today’s economy. Any effort by Facebook to unlawfully stifle competition could cause wide-ranging harm to smaller companies, restrict consumer choice, and increase costs for all. Connecticut is working closely with attorneys general across the nation in taking a very hard look at Facebook to determine whether it is engaging in unlawful competitive practices. We cannot prejudge the outcome of this investigation, but stand ready to follow the evidence where it takes us to protect American consumers.”

Delaware Attorney General Kathy Jennings:
“Together with other state attorneys general from both parties, we are investigating whether Facebook has broken the law through anticompetitive practices or other acts that harm consumers. I am dedicated to protecting the rights of Delawarean consumers, which includes the right to participate in the internet economy without fear of being taken advantage of by social media companies and other service providers. Today’s confirmation of our participation in the multistate investigation is just that; the investigation will reveal what laws, if any, have been violated.”

Indiana Attorney General Curtis Hill:
“Just like individual citizens, corporations must be held accountable for following the law. And just like individual citizens, corporations also enjoy the presumption of innocence until facts prove otherwise. In this case, we must follow the facts to determine whether Facebook has engaged in anti-competitive behavior in violation of state and federal antitrust laws. To protect consumers and the free market, we must promote conditions under which all entities may compete on a level playing field in accordance with the rule of law.”

Louisiana Attorney General Jeff Landry:
“Big Tech must account for its actions. I am proud to join my Republican and Democrat colleagues in efforts to ensure Tech Giants can no longer hide behind complexity and complicity.”

Massachusetts Attorney General Maura Healey:
“It’s important that the internet remain fair and open to everyone. We are participating with a broad coalition of states in an investigation of Facebook’s business practices.”

The Rest…HERE

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