Facebook Flops as 47 Attorneys Generals Investigate Antitrust Violations

Facebook is no stranger to chaos.

With Cambridge Analytica, e-mails that allegedly linked Mark Zuckerberg to privacy concerns, and its Libra cryptocurrency plans, Facebook has still managed to deliver.

In fact, shares are up about 54% for the year.

Unfortunately, the stock just got hit with news 47 attorney generals are looking into the stock over antitrust issues.  According to New York Attorney General Letitia James, 47 state attorney generals are now investing Facebook, according to CNN.  That’s up significantly from a “handful of attorneys” in September.

The list of states looking into Facebook now includes Colorado, Florida, Iowa, Nebraska, North Carolina, Ohio, Tennessee, and D.C., as part of James’ leadership team.  

Arizona, Arkansas, Connecticut, Delaware, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Dakota, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, Vermont, Virginia, Wisconsin, Wyoming, and the territory of Guam have all joined the investigation, as well, according to James’ latest press release.

“Our investigation now has the support of 47 attorneys general from around the nation, who are all concerned that Facebook may have put consumer data at risk, reduced the quality of consumers’ choices, and increased the price of advertising,” James noted. “As we continue our investigation, we will use every investigative tool at our disposal to determine whether Facebook’s actions stifled competition and put users at risk.”

Facebook shares are now down 3%, or $5.88 on the news.  Stay tuned for more.