While acing the Silicon Valley, CEO of Facebook Mark Zuckerberg can face a lawsuit against his anti-competitive schemes. Recently, Zuckerberg bought the two gigantic ventures of the social world i.e. Whatsapp and Instagram which made him the owner of very big chunk of the business. Four tech companies called it as the worst “anti-competitive scheme” in a generation and sued Zuckerberg demanding him to give up his stake in Facebook. Currently Zuckerberg owns 60% of the voting rights in the company.
The four companies that filed the suit are Beehive Biometric, an identity-verification website; Cir.cl, an online marketplace, social media platform; Lenddo, a Singapore-based financial services provider; and Reveal Chat, a messaging service.
They said in their statement that the takeover is “one of the largest unlawful monopolies ever seen in the United States.” The companies also claimed that the Facebook is planning on to integrate the services of three platforms which could increase the costs for consumers and will also make surveillance of users very easy.
They said that, “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 lawsuit reads that, “The integration, if completed, will not only substantially lessen competition, it may allow Facebook to destroy it – for a very long time,”
Because of this anti-competitive schemeCir.cl and Beehive are already defunct, and Reveal chat was bought by a music streaming company in 2015.
Author- Aditi Dubey