Facebook’s parent company, Meta, is facing a class action in the United Kingdom with a claim value of more than 2.3 billion pounds (about $3.2 billion). The company is accused of abusing its market dominance, using 44 million users’ personal data. Liza Lovdahl Gormsen, a senior adviser to Britain’s Financial Conduct Authority (FCA) and a competition law academic, said she brought the case on behalf of Britons who used Facebook between 2015 and 2019.
The lawsuit will be heard by the Competition Appeals Tribunal in London. Facebook (Meta) has made billions of pounds by imposing unfair terms and conditions requiring consumers. These terms and conditions leave users with no choice but to hand over valuable personal data to access the network, the lawsuit claims.
“In the 17 years since it was created, Facebook has been the only social network in the UK where you can connect with friends and family in one place,” says Gormsen. “However, Facebook also has a dark side. It abuses its market dominance, status and imposes unfair terms and conditions on ordinary Britons. These terms give Meta (Facebook) the right to use their personal data.”
Facebook claims that people use its services because the company brings value to them. The company also claims that it has “effective control over the information on Meta’s platform…”. Just a few days ago, Facebook’s attempt to block the Federal Trade Commission (FTC) from launching an antitrust lawsuit against it suffered a setback in one of the biggest U.S. government challenges to a tech company in decades. Currently, the U.S. government is trying to limit the broad market power that big tech companies have.
Facebook (Meta) Is The Worst Company Of 2021
Many authoritative companies make surveys every year in order to understand which brands and firms performed better than their competitors. One of them is Yahoo Finance, which takes into consideration the market performance and various achievements of world-class companies and evaluates their activity. Yahoo Finance issued a statement, claiming that Microsoft is the new “king”, reaching $2 trillion market capitalization. As for the worst company of the year (2021), Facebook (Meta) “outrun” all of its competitors.
What Makes Facebook (Meta) The Worst Company In The World
First, we should remind you that Facebook (Meta) has been under the antitrust microscope. Some insiders even said the company had been ignoring safety issues for the sake of growth. The US Congress is regularly calling Zuckerberg for answers. There have been too many complaints concerning the company’s policy or approach that allows the spread of misinformation.
There are also complaints of censorship. We guess you will agree that Facebook users talk about whatever they want and in the way they want. Facebook has got tons of negative comments due to its photo-sharing site Instagram. Users think there is almost no control over the contents on Facebook. This could have a bad impact on children and young people.