Facebook hit with massive antitrust lawsuits

Breaking news: The Washington Post reports that the "U.S. government and 48 state attorneys general filed wide-ranging antitrust lawsuits against Facebook on Wednesday, alleging the tech giant relied on illegal, anti-competitive tactics to buy, bully or kill its rivals and become the most powerful social networking site in the world."

From The New York Times:

Federal and state regulators, who have been investigating the company for over a year, said in separate lawsuits that Facebook's purchases, especially Instagram for $1 billion in 2012 and WhatsApp for $19 billion two years later, eliminated competition that could have one day challenged the company's dominance.

Since those deals, Instagram and WhatsApp have skyrocketed in popularity, giving Facebook control over three of the world's most popular social media and messaging apps. The applications have helped catapult Facebook from a company started in a college dorm room 16 years ago to an internet powerhouse valued at more than $800 billion.

Does this mean Zuckerberg and other Facebook shareholders will lose 0.0001% of their net worth. Ha!