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Tagantitrust

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Bearish stock financial, bear market chart falling prices down turn from global economic and financial crisis.

Zuckerberg’s New Meta Pummeled by Stock Market

Meta (Facebook reimagined) faces a gauntlet of challenges only months after Zuckerberg announced his new "metaverse" initiative

Last October, Facebook CEO Mark Zuckerberg announced that Facebook would be undergoing a major facelift to become Meta. The Facebook platform we all know and love would remain as is, but Meta would become Facebook’s parent company with a primary focus of developing the “metaverse,” an immersive online experience that Zuckerberg called “the next frontier” of the internet. But Meta is off to a rough start. Facebook’s parent company shed more than $230 billion in market value Thursday, a one-day loss that is the biggest ever for a U.S. company and increases pressure on a stock market long powered by technology shares…. The Facebook parent company surprised investors with a deeper-than-expected decline in profit and a downbeat outlook. The company…

closeup keyboard laptop and Google Ads AdWords app icon on smart
closeup keyboard laptop and Google Ads AdWords app icon on smartphone screen. Google is the biggest Internet search engine in the world. Moscow, Russia - April 27, 2019

Facebook and Google Face Big Legal Challenges

The FTC, dozens of states, and private citizens are coming after the big tech companies for antitrust violations

How has 2022 begun for our favorite Big Tech companies? With a good chunk of lawsuits. As technology companies grow bigger, they face bigger legal challenges. Here’s a brief rundown of a few such challenges Facebook and Google face in the courts in this new year: FTC Antitrust Lawsuit Against Facebook Moves Forward Let’s begin at the federal level. Last June, Judge James E. Boasberg of the U.S. District Court of the District of Columbia tossed out a lawsuit from the Federal Trade Commission (FTC) challenging Facebook’s acquisition of Instagram and WhatsApp. According to Boasberg, the FTC failed to adequately show that Facebook holds a monopoly. Not to be dissuaded, the FTC re-filed with an amended complaint in August. Last…

LIJIANG,CHINA-FEB 18:Mao statue,with the slogan on wall: " Long live the great Communist Party of China" in Lijiang on Feb 18 2012. Mao, a statesman who laying the foundation of new china

Will China’s Huge Tech Sector Crackdown Stifle Innovation?

Part I: How will the Common Prosperity program really play out in the private sector?

Didi Chuxing (Didi Global, Inc.), the largest ride-hailing company in the world, was reprimanded when it opened on the New York Stock Exchange after regulators warned it needed to shore up its data security issues. Meituan, China’s massive shopping and coupon app, was recently fined $533 million for “anticompetitive behavior.” Alibaba, owned by tech billionaire Jack Ma, had to pay a $2.8 billion fine for the same reasons. Antitrust regulators dinged Tencent, Baidu (China’s Google alternative), ByteDance (parent company for TikTok), and ecommerce company JD.com Inc.  The billion-dollar online private tutoring industry sank after the Chinese government declared that after-school tutoring is now non-profit only. Then the online gaming industry was hit when the Chinese government declared children are only allowed to play for a few…

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Social media concept.

Federal Trade Commission Takes Facebook to Court… Again

The FTC hopes to prove in an 80-page complaint that Facebook holds damaging monopoly power over competitors

Last week, the Federal Trade Commission (FTC) filed an amended complaint against Facebook, trying again for an antitrust lawsuit after a federal judge dismissed their original complaint earlier this summer. The updated complaint alleges that Facebook has violated antitrust laws and garnered monopoly power, namely by buying up rival companies and imposing unfair policies that “neutralize perceived competitive threats.” Facebook is the world’s dominant online social network, with a purported three billion-plus regular users. Facebook has maintained its monopoly position in significant part by pursuing Chief Executive Officer (“CEO”) Mark Zuckerberg’s strategy, expressed in 2008: “it is better to buy than compete.” True to that maxim, Facebook has systematically tracked potential rivals and acquired companies that it viewed as serious competitive…

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China from space on realistic model of planet Earth with network. Concept of digital technology, connectivity and travel.

What’s Behind China’s Crackdown on Big Tech?

Both China and the U.S. are treating big tech with a heavy hand, but under different motivations

In a previous article I looked at Chinese regulators’ crackdown on Didi Global, China’s ride-hailing service. Didi is one of several Chinese tech giants that have been tamed in the past nine months. Prior to Didi, Ant Group, Tencent, Meituan, and Pinduoduo were all quelled by regulators. After Didi, regulators targeted Full Truck Alliance and Kanzhun. They recently shut down online for-profit tutoring and have banned mining cryptocurrencies in China.  Thus far, the Chinese government’s actions have resulted in almost $1 trillion net losses for the Chinese tech sector.  The two big questions are, Why now? and, relatedly, Who’s next? SupChina has a well-organized explainer on China’s Big Tech Crackdown here. Another helpful resource is this video from DW, “How China is tightening control of its tech companies”: According to SupChina, China’s…