WASHINGTON—Today, the U.S. District Court for the District of Columbia ruled that Meta’s acquisitions of Instagram and WhatsApp did not create an illegal monopoly.
This decision throws much needed cold water on Neo-Brandeisian antitrust theory, touted by President Biden’s progressive Federal Trade Commission (FTC) Chair Lina Khan and her acolytes. The Biden administration pursued this theory and focused on a subjective view of how the American economy should operate, favoring a progressive, ideological crusade that punishes successful businesses and discourages American innovation, even when consumers enjoy the benefits of their services, rather than on protecting consumers from evidence-based, demonstrable harm.
“The Court recognized what consumers see every day. Americans have countless means of connecting with one another and enjoy a relentless march of new products and services, a direct result of America’s technology companies vigorously competing. It was an enormous waste of taxpayer time and resources to try to convince consumers and the courts that Meta does not meaningfully compete with YouTube, TikTok, Snapchat, Reddit and countless other social media services where Americans share and interact with one another,” said Patrick Hedger, NetChoice Director of Policy.
“Americans should cheer that the Court here put their interests front and center. A ruling the other way would have dramatically chilled the investment and innovation consumers expect, called into question every completed merger and acquisition, and thereby enshrined an expansive ability for the government to micromanage markets.”
The American tech industry is fiercely competitive, with many companies like Meta innovating constantly to provide the best tools and services possible for their customers. Consumers have the power to determine which of these services they use, how, and why, and which ones fail or succeed—not bureaucrats that think they know better.
Americans and their needs must be the center of antitrust policymaking.
Read the Court’s ruling here.
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Image via Unsplash.