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Meta says US FTC lacks evidence of monopoly power to charge excessive prices or hold output, quality below competitive level

( July 12, 2024, 21:12 GMT | Official Statement) -- MLex Summary: Meta told a US federal court that there is no evidence to support the US Federal Trade Commission's claim in a monopoly lawsuit that Meta has monopoly power to charge prices above, or hold output and quality below, a competitive level. The FTC’s “indirect” evidence of power rests on the "quicksand foundation of a contrived market" that counts all the time spent by consumers on four apps, including time spent on features that aren't friends-and-family sharing, but ignores the large amounts of time spent on the many competitors for that same time. There is also no evidence that Meta’s acquisitions of Instagram and WhatsApp harmed competition, it said in a reply supporting its motion for summary judgment and opposing to the FTC's cross-motion for partial summary judgment. "On the necessary elements of its Section 2 monopoly-maintenance claim, the FTC has no evidence," it said.See attached document...

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