Facebook shares fall over possible US antitrust move

WION Web Team New York Dec 16, 2019, 06.29 PM(IST)

File photo: Photograph:( Reuters )

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An additional investigation had revealed that Facebook has been buying small app developers and IT firms that could pose a threat to the firm's market share.

Facebook's stock dropped almost 3 per cent on Friday in regular trading after news reports suggested that the US FTC may take anti-trust action to prevent Facebook from integrating its disparate messaging apps.

The reports said the Federal Trade Commission(FTC) may seek a court injunction that would block Facebook's "interoperability" plans for Facebook messenger, Whatsapp and Instagram, which involves revising them to use the same underlying software.

Facebook has been planning to integrate the app since early 2019. Federal regulators are concerned that Facebook's plan could make it hard to break up the company should the FTC find that necessary.

An additional investigation had revealed that Facebook has been buying small app developers and IT firms that could pose a threat to the firm's market share.

Facebook has been charged with taking higher stake in all those firms to kill competition not only in the United States but in other parts of the world as well. The company is facing similar charges in the European Union as well, meanwhile, Facebook has denied the charges.