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Zuckerberg defends Instagram purchase in court
Meta chief executive Mark Zuckerberg is currently in federal court for the second day of a significant antitrust trial in which the Federal Trade Commission (FTC) alleges that Meta has illegally monopolized the social media market. During his testimony, Mr Zuckerberg engaged in a heated exchange with FTC attorney Daniel Matheson regarding emails he wrote…
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Meta had ‘monopoly power’ after buying rival apps, FTC says
The Federal Trade Commission has said that Meta’s acquisitions of Instagram and WhatsApp helped give it “monopoly power” and the company’s anti-competitive conduct had harmed consumers. The FTC argues that Meta’s purchases of Instagram and WhatsApp are “killer acquisitions” that prevented those companies from competing. If the FTC prevails, Meta may be forced to divest…
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Google cuts hundreds of jobs in Android, Pixel group
The Information reports that Google has laid off hundreds of employees in its platforms and devices unit, which works on the Android software, Pixel phones and the Chrome browser. The cuts follow the company’s January buyout offers to the unit’s employees. “Since combining the Platforms and Devices teams last year, we’ve focused on becoming more…
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Congress urged to bolster crypto regulations
New York Attorney General Letitia James has urged Congress to establish a federal regulatory framework for cryptocurrencies, as she emphasized the urgent need for stronger protections for digital asset investors. In her letter to congressional leaders, including Senate Majority Leader John Thune and House Speaker Mike Johnson, she proposed that crypto companies be required to…
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Europe unveils plan to become ‘AI continent’
The European Commission has unveiled its so-called “AI Continent Action Plan,” which aims to “transform Europe’s strong traditional industries and its exceptional talent pool into powerful engines of AI innovation and acceleration.” The EU has faced criticisms from tech leaders that its regulations on everything from AI to taxation hinder innovation and make it more…
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Trump orders new review for U.S. Steel acquisition
The Trump administration has initiated a new national security review of Nippon Steel Corp’s bid to acquire U.S. Steel, potentially reviving the $14.9bn deal previously blocked by President Joe Biden. The Committee on Foreign Investment in the United States (CFIUS) had deadlocked over national security concerns, prompting lawsuits from U.S. Steel and Nippon Steel, which…
