US Representative Seek To Unwind Facebook's Instagram, WhatsApp Acquisitions: Bloomberg

Silicon Valley and House Oversight Committee Democrat Ro Khanna sought to unwind Facebook Inc’s FB Instagram and WhatsApp acquisitions and more vigorous antitrust enforcement and privacy regulations, Bloomberg reports.
Khanna cited AT&T Inc’s T and Standard Oil Co’s breakups as precedents.
In Dec., the U.S. Federal Trade Commission, which reviewed and approved Facebook’s Instagram and WhatsApp acquisitions in 2012 and 2014, respectively, filed a lawsuit seeking to split the companies.
Khanna also endorsed Minnesota Senator Amy Klobuchar’s bill, which compelled the technology companies to prove the takeover’s anti-competitiveness.
Last week, Democrats led by Representative David Cicilline introduced legislation to force Amazon.com Inc AMZN, Apple Inc AAPL, and other giants to divest or exit critical businesses.
Khanna also sought guidelines to regulate platform content alluding to Facebook and Twitter Inc TWTR.
Khanna also emphasized more robust privacy and antitrust regulations.
Khanna’s proposal, first introduced in 2018, sought net neutrality, which forbade broadband providers from content favoritism, protection against mass government surveillance, and higher control over individual data.
Price action: FB shares closed higher by 0.24% at $337.58 in the premarket session on the last check Monday.