Facebook (NASDAQ:FB) Under Siege, Progressives Want it Broken Up

Facebook (NASDAQ:FB) Under Siege, Progressives Want it Broken Up

$FB

Monday, a group of progressive organizations is to begin a series of digital ads to press the US Federal Trade Commission (FTC) to break up Facebook (NASDAQ:FB).

The left-wing groups are requesting that the FTC take 3 main actions, they are:

  1. Break apart Instagram, WhatsApp, and Messenger into firms separate from Facebook
  2. Enable users on competing social networks to communicate with each another, and
  3. Implement strong privacy rules, according to the group Freedom Front’s website.

As part of its advertising campaign, the group will promote messages such as “Facebook keeps violating your privacy. Break it up,” and “Mark Zuckerberg has a scary amount of power. We need to take it back.”

The organizations involved in the ad campaign include the anti-concentration Open Markets Institute, as well as progressive groups such as Demand Progress and MoveOn Civic Action.

The pressure from the progressive groups comes as Chairman Joe Simons began his tenure at the FTC this month. It has been reported that Mr. Simons told Congress that Silicon Valley could face scrutiny for potential antitrust violations under his tenure, which could challenge the growing influence of the nation’s dominant tech platforms.

Facebook has also faced criticism from the other side of the aisle, as GOP lawmakers held a hearing last month in which they accused the social network and its competitors of silencing right-wing opinions.

“The average person uses 8 different apps to communicate and stay connected,” of which Facebook operates only a few, a company spokesman told reporters.

Symbol Last Trade Date Change Open High Low Volume
NASDAQ:FB 182.68 18 May 2018 -1.08 183.49 184.19 182.61 13,130,400
HeffX-LTN Analysis for FB: Overall Short Intermediate Long
Bullish (0.28) Bullish (0.32) Neutral (0.21) Bullish (0.32)

Have a terrific week.

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