🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Facebook confirms Zuckerberg interviewed in FTC investigation

Published 08/20/2020, 03:57 PM
Updated 08/20/2020, 06:00 PM
© Reuters. Munich Security Conference
META
-

WASHINGTON (Reuters) - Facebook (NASDAQ:FB) confirmed on Thursday that chief executive Mark Zuckerberg was interviewed earlier this week at a Federal Trade Commission (FTC) investigative hearing as part of the government's antitrust probe into the social media company.

"We are committed to cooperating with the U.S. Federal Trade Commission's inquiry and answering the questions the agency may have," the social media company said in a statement.

The FTC declined to comment.

Politico reported the interview earlier on Thursday.

The FTC told Facebook in June 2019 it was probing whether the company has engaged in unlawful monopolistic practices.

Facebook faces similar probes by the Justice Department and by state attorneys general and has said the investigations are looking at prior acquisitions and business practices involving "social networking or social media services, digital advertising, and/or mobile or online applications."

Politico said Zuckerberg's testimony was conducted under oath over two days this week remotely. Staff from states investigating Facebook were also involved, Politico reported.

In July 2019, Facebook agreed to pay a record-breaking $5 billion fine to resolve a separate FTC probe into the company's privacy practices.

The FTC probe that resulted in the $5 billion settlement uncovered a wide range of privacy issues.

The FTC came under criticism in the privacy probe for not requiring Zuckerberg to answer questions under oath. FTC Chairman Joe Simons said in 2019 it was unnecessary to depose Zuckerberg.

Also in July 2019, the U.S. Justice Department said it was opening a broad investigation of major digital technology firms into whether they engage in anticompetitive practices.

© Reuters. Munich Security Conference

Last week, Deputy Attorney General Jeff Rosen told Reuters the tech investigation was going "full tilt." He declined to specify when the government would decide whether to bring an antitrust action against Alphabet (NASDAQ:GOOGL) Inc's Google.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.