Metaplatforms Inc META forces its rivals to reveal some of their best kept secrets to defend themselves before the federal government, Bloomberg reports.
Facebook’s parent company has subpoenaed 132 companies for documents, including snap inc SNAP, ByteDance Ltd tick tock, Match Group, Inc MTCH, Twitter Inc TWTR, Reddit Inc, Oracle Corp ORCL, microsoft corp MSFT LinkedIn and the audio start clubhouseand has warned it could solicit information from 100 more.
The competitors accused Meta of exploiting the cartel process to get their private data.
The U.S. Federal Trade Commission prosecuted Meta in 2020 allegedly seize Social networking market partially driven by the acquisitions of Instagram and WhatsApp.
Meta had rejected the allegations, arguing that the market was constantly evolving with newcomers like TikTok and Clubhouse.
Meta’s request seeks “materials on every product and nearly every aspect of Snap’s business, covering a period spanning nearly Snap’s entire existence,” attorneys said.
TikTok was worried about Meta Copying the functions and tactics with the information sought. Pinterest, LinkedIn and others had raised concerns about Meta’s “highly invasive” requests, which they said are looking for their “most competitively sensitive documents.”
Meta also sought information from SoftBank Corp SFTBY obsessed line corpJapan’s intelligence service Naver Corp and Japanese e-commerce giant Rakuten Group Inc RCONFwho owns the Viber messaging app.
Regardless, analysts have projects more disadvantages weighed for Snap and Meta as competition and budget. Piper Sandler found the change Apple Inc AAPL Operating system making it harder for apps to track user activity on iPhones and iPads means Snap and Meta will continue to lag behind.
Price promotion: META shares traded 6.95% lower at $157.19 on the latest check Tuesday.
Read full story here https://www.benzinga.com/government/22/09/28847438/snap-tiktok-others-protest-meta-seeking-sensitive-information-to-battle-ftc-lawsuit