Shares of the social media giant were down nearly 7% in trading on the Nasdaq. The news on Facebook underscores a growing U.S. backlash faced by Silicon Valley companies and marks another step by the Trump administration to regulate the biggest tech and social media companies. Trump, without providing evidence, has repeatedly accused social media companies and Google of suppressing conservative voices online. The FTC's new jurisdiction results from an agreement that allows the U.S. Justice Department to take the reins of a similar Google probe, the WSJ report https://on.wsj.com/2XvgaEl said, citing people familiar with the matter. Facebook did not immediately respond to a request for comment, while the FTC declined to comment.

Source: Wall Street Journal March 05, 2024 23:28 UTC