Facebook foes sue to force Mark Zuckerberg to sell majority stake

Bloomberg

Facebook Inc was sued by four potential competitors who accuse it of anticompetitive behavior and who asked a judge to order Chief Executive Officer Mark Zuckerberg to give up control of the social media behemoth.
The companies also said if Facebook isn’t forced to sell its WhatsApp and Instagram assets, it’ll integrate them into the social network, “consolidating its market power across the globe, likely permanently foreclosing competition in the relevant markets for decades to come.”
The lawsuit was filed in San Francisco by Reveal Chat HoldCo LLC, a successor to the dating site LikeBright; USA Technology and Management Services Inc, better known as the credit and financial service provider Lenddol; former peer-to-peer site Cir.cl Inc; and former identity verification provider Beehive Biometric Inc..
The companies describe Facebook as “one of the largest unlawful monopolies ever seen in the United States” and say the aim of the lawsuit is “to halt the most brazen, willful anticompetitive scheme in a generation.”
The big internet platforms are facing a high level of scrutiny of their business practices after years of virtual inaction in Washington. Both the Justice Department and the Federal Trade Commission, which share a mandate to enforce antitrust laws, have announced broad reviews of the technology sector — indicating that Facebook and possibly Amazon.com Inc will undergo parallel investigations by both agencies. Facebook didn’t immediately respond to a request for comment.
The companies suing say getting Zuckerberg to divest is necessary to get Facebook to cease its anticompetitive behaviour. “There is no adequate remedy of law to prevent the irreparable harm that has — and will continue — to result from Zuckerberg’s continued control of Facebook,” the companies said.
Facebook opened its platform to developers when it needed their help to catch up in the early 2010s to the fast-growing mobile market and then gave many of them the boot when it no longer needed them or started to see them as rivals, the companies claim in the lawsuit.
The company cut off many developers’ access to user data, rendering their apps useless and forcing some out of business, according to the lawsuit.