Curbing Acquisitions by Large Digital Platforms to Boost Competition.
This act aims to prevent major online platforms, such as social media and online stores, from acquiring smaller companies. The goal is to foster greater competition in the digital market, potentially leading to more product and service choices and lower prices for consumers. This will give smaller businesses a better chance to grow and bring innovations to users faster.
Key points
Prohibits large digital platforms from acquiring companies if the acquisition value exceeds $50 million or if the acquired company is a competitor.
Establishes definitions for "covered platform" (large digital platform) based on user numbers and market value.
Allows citizens and states to sue large digital platforms for violations of this act, with the possibility of obtaining damages.
The Federal Trade Commission and the Department of Justice will be responsible for enforcing the provisions and designating which platforms are subject to the new rules.
Status:
Expired
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