Mark Zuckerberg is the youngest self-made billionaire in the world. This is because his social media network Facebook is making huge profits. There has been some allegation about antitrust complaints from various organizations. But judges overthrow all antitrust complaints due to inadequate evidence.
On Monday, when the case was conducted, the Washington Judge dismissed the complaint against Facebook. Some people had filed a case against Facebook forcing it to sell Instagram and WhatsApp. The judge said the federal complaint was insufficient to win their case. That ruling made the company shares grew up by 4%. Facebook is currently among the companies that have passed the trillion-dollar mark. Its market capitalization will rise to more than that if they continue collaborating with various businesses.
Facebook involved in many cases
Often, large tech companies have received huge blows, hence losing many dollars. Last year they faced another allegation about abusing the market power. The federal lawsuit said the company should lower down its advertising activities to let users enjoy the site. A U.S. District Court spokesman said the case will be filed again, the report by Reuters. Judge James said that Facebook had the most power over other social networks. It acts like a monopolistic in the online advertisement market.
The same judge also dismissed lawsuits from many U.S. states because they challenged the acquisition late. When you file a case, the evidence must be presented within a short period. If the court demands any information, the complainant should avail it. He came out to say those states took a long time to question Instagram in 2012 and WhatsApp,2014. Not even a single state was invited to file their case against Facebook.
Also Read: Mark Zuckerberg Journey to a Net Worth of $103.3 billion
Facebook officials and lawyers were ready to respond to any allegations. They have created a strong team that can defend cases involving selling Instagram and WhatsApp. Mark Zuckerberg said it was a perfect time to challenge his competitors. In court, the judge said he did not come to terms with all Facebook’s ‘contentions. But some statements were very true, according to the panel that chaired the case. The judges agreed that the companies were very insufficient to support the Federal case. The case was dismissed, the report by businessinsider.
Facebook started in 2004 while Zuckerberg was still a student at Harvard. He dropped out to concentrate on his social network that has changed the world. At first, he did not think about turning it into business, but once the traffic grew, that was the perfect opportunity. Many large organizations, institutions, and even politicians reach Facebook for collaboration. 17% of the world’s population uses the site. It accommodates people of all ages. Which then provides a conducive environment for all types of business.
Instagram started in 2012, with its official color being white. Its main purpose is to share clear images and videos from people across the world. It comprises young people aged between 10 -45 years. Unlike Facebook, most businesses are for youth products like fashion, food, parties. It’s where we find the most influential people earning good money through advertisements. Facebook has gone ahead to create an Instagram market inside the app. That’s where a person can set up his/her business and attract clients.
WhatsApp is a major social network used daily for online interaction. It’s easy to use with few features. You can only communicate with people who have their contact information. People can create functional groups, but with a limit of 250 members. Co-parent Facebook uses the platform for marketing by advertising Google’s mobile apps. The company is turning everything into a business. The entrepreneurship mind of Mark Zuckerberg has made Facebook a trillion-dollar company.