Citing a lack of evidence, a US District Court judge has thrown out two federal and state antitrust cases against Facebook. The firm’s stock exploded as a result, placing its market capitalization above $1 trillion for the first time.
“We are pleased that today’s decisions recognize the defects in the government complaints filed against Facebook,” a Facebook statement reads. “We compete fairly every day to earn people’s time and attention and will continue to deliver great products for the people and businesses that use our services.”
Judge James Boasberg of the US District Court for the District of Columbia threw out two cases: One brought by the Federal Trade Commission (FTC) and a me-too suit filed by the attorneys general of over 40 US states. He said that both cases were “legally insufficient” and that the FTC “failed to plead enough facts to plausibly establish” that Facebook had a monopoly that it was abusing.
Following a 16-month investigation, the FTC says it established that Facebook was an abusive and anticompetitive monopolist. It had been seeking to have WhatsApp and Instagram taken away from Facebook, which owns a dominant position in the social media market and is arguably the most terrible company on earth. The FTC has until July 29 to file a new case. Fortunately, Facebook also faces similar antitrust lawsuits in the EU and UK.