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Sport Facebook Foes Sue to Force Zuckerberg to Sell Majority Stake

05:41  17 january  2020
05:41  17 january  2020 Source:   msn.com

Mark Zuckerberg's New Year's resolution: No more annual challenges

  Mark Zuckerberg's New Year's resolution: No more annual challenges For the past decade, Facebook's CEO has pushed himself to learn mandarin, run and code artificial intelligence software for his home.Zuckerberg's personal challenges, which came across as equal parts honest new year's resolution and cynical PR ploy to make him seem more personable, have been an annual tradition for the 35-year old Facebook co-founder for more than a decade. In the past, he's pushed himself to learn to hunt and cook, read more books and improve his public speaking.

Facebook Inc. was sued by four potential competitors who accuse it of anticompetitive behavior and who asked a judge to order Chief Executive Officer Mark Zuckerberg to give up control of the social media behemoth. The companies also said if Facebook isn’t forced to sell its WhatsApp and

Zuckerberg is suing to force the families to sell . When Facebook ’s co-founder Mark Zuckerberg paid around 0 million for 700 acres of rural beachfront land on Kauai two years ago to create what Forbes magazine described as a secluded family sanctuary, he actually acquired a not-so-secluded

(Bloomberg) -- Facebook Inc. was sued by four potential competitors who accuse it of anticompetitive behavior and who asked a judge to order Chief Executive Officer Mark Zuckerberg to give up control of the social media behemoth.

a flat screen television: The Facebook Inc. logo sits on screens ahead of the global launch event of © Bloomberg The Facebook Inc. logo sits on screens ahead of the global launch event of "Workplace" at the Facebook Inc. offices in London, U.K., on Monday, Oct. 10, 2016. Workplace is meant to help employees collaborate with one another on products, listen to their bosses speak on Facebook Live and post updates on their work in the News Feed.

The companies also said if Facebook isn’t forced to sell its WhatsApp and Instagram assets, it’ll integrate them into the social network, “consolidating its market power across the globe, likely permanently foreclosing competition in the relevant markets for decades to come.”

Facebook backs off plan to plaster ads all over WhatsApp

  Facebook backs off plan to plaster ads all over WhatsApp The company still aims to bring ads to WhatsApp’s Status featureThe Journal notes that Facebook still ultimately aims to integrate ads into WhatsApp’s Status feature, but for now, the app will remain ad-free. The company’s desire to monetize WhatsApp, which it acquired for $22 billion in 2014, is part of what drove WhatsApp co-founder Jan Koum out of Facebook in 2018. His fellow co-founder Brian Acton left months earlier (over similar clashes related to privacy and targeted advertising) and has been a vocal critic of Facebook’s unchecked power since his departure.

Goldman Sachs Group Inc. has been building an in-house research team and late last year joined forces with startup WC Ware to speed up the search for a “quantum advantage.” Facebook Foes Sue to Force Zuckerberg to Sell Majority Stake .

Facebook Foes Sue to Force Zuckerberg to Sell Majority Stake . Buttigieg on Trump’s trade war: This is bigger than ‘who’s selling more dishwashers’. Yahoo Finance. Uber looks to expand into health services sector.

The lawsuit was filed Thursday in San Francisco by Reveal Chat HoldCo LLC, a successor to the dating site LikeBright; USA Technology and Management Services Inc., better known as the credit and financial service provider Lenddol; former peer-to-peer site Cir.cl Inc.; and former identity verification provider Beehive Biometric Inc.

The companies describe Facebook as “one of the largest unlawful monopolies ever seen in the United States” and say the aim of the lawsuit is “to halt the most brazen, willful anticompetitive scheme in a generation.”

The big internet platforms are facing a high level of scrutiny of their business practices after years of virtual inaction in Washington. Both the Justice Department and the Federal Trade Commission, which share a mandate to enforce antitrust laws, have announced broad reviews of the technology sector -- indicating that Facebook and possibly Amazon.com Inc. will undergo parallel investigations by both agencies.

Facebook Foes Sue to Force Zuckerberg to Sell Majority Stake

  Facebook Foes Sue to Force Zuckerberg to Sell Majority Stake Facebook Inc. was sued by four potential competitors who accuse it of anticompetitive behavior and who asked a judge to order Chief Executive Officer Mark Zuckerberg to give up control of the social media behemoth. © Bloomberg The Facebook Inc. logo sits on screens ahead of the global launch event of "Workplace" at the Facebook Inc. offices in London, U.K., on Monday, Oct. 10, 2016. Workplace is meant to help employees collaborate with one another on products, listen to their bosses speak on Facebook Live and post updates on their work in the News Feed.

Mark Zuckerberg is on Facebook . Join Facebook to connect with Mark Zuckerberg and others you may know. Facebook gives people the power to share and makes

Almost a dozen small parcels on Zuckerbergs Kauai property belong to Hawaiian citizens who acquired them through a 1850 act, a Honolulu newspaper reported

Facebook didn’t immediately respond to a request for comment.

The companies suing say getting Zuckerberg to divest is necessary to get Facebook to cease its anticompetitive behavior.

“There is no adequate remedy of law to prevent the irreparable harm that has -- and will continue -- to result from Zuckerberg’s continued control of Facebook,” the companies said.

Facebook opened its platform to developers when it needed their help to catch up in the early 2010s to the fast-growing mobile market and then gave many of them the boot when it no longer needed them or started to see them as rivals, the companies claim in the lawsuit.

The company cut off many developers’ access to user data, rendering their apps useless and forcing some out of business, according to the lawsuit.

--With assistance from Sarah Frier.

To contact the reporter on this story: Robert Burnson in San Francisco at rburnson@bloomberg.net

To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider, Peter Blumberg

For more articles like this, please visit us at bloomberg.com

©2020 Bloomberg L.P.

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