A Facebook antitrust probe is in the works and it has several attorneys general targeting the social media company.
The investigation into Facebook (NASDAQ:FB) was announced by New York Attorney General Letitia James on Friday. She says that a bipartisan effort will have attorneys general from various states coming together to investigate the company.
Joining New York Attorney General Letitia James are the attorneys general of Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee, and the District of Columbia. This investigation will have them focusing on FB’s “dominance in the industry and the potential anticompetitive conduct stemming from that dominance.”
Here’s what New York Attorney General Letitia James has to say about the investigation.
“Even the largest social media platform in the world must follow the law and respect consumers. I am proud to be leading a bipartisan coalition of attorneys general in investigating whether Facebook has stifled competition and put users at risk. We will use every investigative tool at our disposal to determine whether Facebook’s actions may have endangered consumer data, reduced the quality of consumers’ choices, or increased the price of advertising.”
This isn’t the only Facebook antitrust probe the company is having to deal with, either. Earlier this year the Federal Trade Commission launched in investigation into the social media company. Facing multiple investigations likely isn’t going to help FB stock in future.
FB stock was down 1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.