#SocialStocks: Judge dismisses Facebook motion to dismiss FTC lawsuit

Twitter implements reaction videos, Snap sues USPTO and other notable stories from this week.
Welcome to “#SocialStocks,” The Fly’s weekly recap of Wall Street’s reactions to social media stock news.

BOARD ADDITION: Mark Zuckerberg announced in a Facebook (FB) post that Tony Xu is joining Meta’s (MVRS) board of directors. Xu is co-founder and CEO of DoorDash (DASH). Zuckerberg said: “I’ve always thought it’s important to have great tech leaders on our board, and Tony has direct experience both running a tech company and solving complex challenges in commerce. I look forward to learning from Tony’s perspective as we build towards the metaverse.”

ANTITRUST LATEST: The U.S. judge hearing the Federal Trade Commission’s antitrust case against Facebook issued an order denying the company’s motion to dismiss the lawsuit, saying that the defendant will have to file its Answer to the amended complaint by January 25, 2022, according to a copy of the order released on Twitter by NPR tech reporter Bobby Allyn. In their opinion on the matter, the judge said that the FTC “has now alleged enough facts to plausibly establish that Facebook exercises monopoly power.”
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