Facebook Shares Slip on Possible US Antitrust Move

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Facebook shares slipped on Thursday after a report that US regulators want an injunction against the social network strengthening how its apps and those of others integrate with the platform. | AFP

Philippines News, Philippines Headlines

Facebook shares ended the formal trading day down 2.7 percent to $196.75 as a Wall Street Journal report raised the specter of antitrust action by the Federal Trade Commission.The California-based social network declined to comment on the report, which cited unnamed people close to the matter.

The report came just days after Facebook vowed to move ahead with strong encryption for all its messaging applications. “The ‘backdoor’ access you are demanding for law enforcement would be a gift to criminals, hackers, and repressive regimes,” the heads of Facebook’s WhatsApp and Messenger.Will Cathcart, and Stan Chudnovsky said in a letter to officials from the three countries.Critics have argued that new forms of encryption — which can make it impossible for anyone except the sender and recipient to see the contents of a message — are locking out law enforcement.

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