The Federal Trade Commission (FTC) and a coalition of state attorney generals launched the antitrust lawsuit against Facebook. The case was introduced in December by the US government alongside 48 states. They accused the social media giant of abusing its market power to trump its smaller competitors.
However, on Monday in Washington DC, US district judge James Boasberg dismissed the claims in a substantial blow to the regulators. Judge Boasberg said that their claims failed to prove that Facebook was a monopoly. Although the regulators’ complaint was dismissed the case was not, meaning that the FTC could potentially refile another complaint against the social media giant in the near future.
The ruling led to a surge in Facebook’s share price, taking it beyond the $1 trillion mark for the first time and making it the last of the “big five” US tech giants to pass the milestone.
In a statement, the FTC said that it is reviewing the opinion closely and will consider the best option forward. The regulators have 30 days in which they can file a new complaint.
