Facebook Faces State and Federal Antitrust Suits

Facebook, the largest social media company in the world, is facing both federal and state antitrust lawsuits for alleged anti-competitive business practices. The lawsuits allege that the social media giant has abused its influence in the market to choke out competition and keep itself dominant in the tech industry. If the lawsuits are successful, it could force the company to divest itself of some of its assets, including other social media platforms it has acquired over time. Continue reading “Facebook Faces State and Federal Antitrust Suits”

Swiss President Declares Facebook Libra Cryptocurrency “Failed”

Facebook thumbs-downFacebook’s new proposed cryptocurrency, known as Libra, has faced numerous hurdles in the lead up to its launch sometime in 2020. Among those hurdles has been the inability to convince a single country’s central bank to accept Libra, making it unlikely that the cryptocurrency will be able to be used as an actual currency. This led Ueli Maurer, the President of Switzerland, to declare Libra had “failed” in its current form. Continue reading “Swiss President Declares Facebook Libra Cryptocurrency “Failed””

Facebook’s New Cryptocurrency Faces Regulatory Scrutiny

Facebook CryptocurrencyFacebook intended to launch a new cryptocurrency, known as Libra, but it has faced increased scrutiny from regulators, both in the United States and abroad. Libra would supposedly have permitted financial transactions to be done worldwide, without relying on Wall Street banks or other financial institutions. Although Facebook had initially managed to secure the partnership of major companies like Mastercard, Visa, eBay and PayPal, most of these partners have since dropped their support. As a result, Libra appears to be in serious trouble, and it is unclear whether it will ever launch at all. Continue reading “Facebook’s New Cryptocurrency Faces Regulatory Scrutiny”