Meta Platforms withheld information from federal regulators during their original reviews of its Instagram and WhatsApp acquisitions, the U.S. Federal Trade Commission said in a lawsuit as part of a lawsuit aimed at breaking up the social networking giant.
The company formerly known as Facebook bought the photo-sharing app Instagram in 2012 and the messaging app WhatsApp in 2014. Both transactions were investigated by the FTC at the time before being closed: Instagram as part of an in-depth review and WhatsApp with a simple 30-day one.
In the years since, the agency has been widely criticized for allowing the deals to proceed. In 2020, the antitrust agency sued Meta for monopolizing the personal social networking market by buying up emerging rivals. Meta is seeking to have the case dismissed before trial, arguing that it invested billions in the apps and that the FTC should not be able to renege on its previous approval of the mergers.
