FTC
Facebook hits $1 trillion valuation for first time
Social media giant, Facebook, has hit a $1 trillion valuation, following a dismissal of two antitrust lawsuits against the company. Facebook’s stock closed higher on Monday at $355.64 per share which contributed to the trillion-dollar valuation, Business Insider reported. The rise came after a United States court dismissed complaints by the Federal Trade Commission and a group of state attorneys generals against the social networking company. The FTC has claimed that Facebook is exercising monopoly as the social media giant controls over 60% of the social-networking market. In the ruling of the case, US District Judge James Boasberg in Washington dismissed the claim, as he explained that there was no proof to support their claim. In a separate case, 46 state attorneys general formed a coal...
Instacart’s tip-baiting system is short-changing shoppers – US senators
Instacart’s tipping system is getting some new scrutiny from Congress. In a pair of letters today, a group of senators led by Sen. Brian Schatz (D-HI) raised concerns that the service’s tipping system may be unfair or deceptive and called for a regulatory investigation of the practice. One letter sent to Instacart CEO Apoorva Mehta took the service to task for allowing buyers to promise large tips but reduce them to zero after an order is fulfilled. “People are facing unprecedented economic hardship because of the COVID-19 pandemic,” the senators wrote, “and so we hope online delivery companies like yours are taking the necessary steps to protect shoppers and prevent unfair and deceptive practices.” Reached for comment, Instacart defended the system, arguing that it typically increases the...
