Meta Stock Surges Over 5% Amid Instagram Sabotage Claims

Meta Platforms Inc. shares surged over 5% on April 23, driven by strong performance in the broader tech sector, investor optimism around Meta's AI initiatives, and anticipation for upcoming quarterly results. Despite this positive market momentum, Meta faced renewed scrutiny in a high-profile federal antitrust case, where Instagram co-founder Kevin Systrom testified that Meta allegedly withheld resources and key tools from Instagram after its 2012 acquisition to prevent competition with Facebook. Systrom claimed these actions contributed to his and co-founder Mike Krieger's departures in 2018, and he cited Meta's strategy of merging systems with Facebook and WhatsApp as part of broader efforts to consolidate market power. The Federal Trade Commission is pursuing a lawsuit against Meta, raising the possibility of a breakup of the company over concerns about stifling competition. In response, Meta's legal team argued that Instagram experienced substantial growth under its ownership, highlighting Meta's support and integration efforts. Despite the regulatory and legal challenges, Meta's stock price remained resilient, underscoring continued investor confidence.