Meta faces moment of truth
The Big Story
The Federal Trade Commission (FTC) and Meta have wrapped up a six-week trial over the Facebook and Instagram parent's alleged social networking monopoly, leaving the final decision in the hands of the judge.
© Thibault Camus, Associated Press
The trial, which came to a close last week, seeks to determine whether Meta has a monopoly over personal social networking that the company entrenched with its acquisitions of Instagram and WhatsApp.
Here's what to know about the trial and what comes next:
Full-circle moment for Trump administration
The FTC's trial with Meta represented a full-circle moment for the second Trump administration, after the agency originally brought the case at the tail end of President Trump's first administration.
The agency sued Meta, then known as Facebook, in December 2020. The case came as part of a push by the Trump administration to take aim at major tech firms, following the Department of Justice's (DOJ) antitrust lawsuit against Google.
Zuckerberg tries to settle, ends up on stand
Meta CEO Mark Zuckerberg reportedly courted Trump and White House officials to settle the case in the weeks leading up to the trial.
However, these efforts don't appear to have paid dividends. The Meta CEO's initial offer of $450 million was brushed aside, with the FTC demanding at least $18 billion and a consent decree, according to The Wall Street Journal.
Zuckerberg reportedly upped his offer to $1 billion, but to no avail. The Meta trial began mid-April, and the FTC immediately called Zuckerberg to the stand, where he spent three days facing questions.
Who is Meta's competition?
At the heart of the trial is the FTC's claim that Meta has a monopoly over personal social networking — a market that includes Meta's apps, as well as Snapchat and MeWe and is centered on sharing between family and friends.
Meta has pushed back on this market definition, arguing it faces competition from a much broader swath of social media platforms, including TikTok, YouTube, X and iMessage.
U.S. District Judge James Boasberg has seemed skeptical of the FTC's proposed market, noted Geoffrey Manne, president and founder of the International Center for Law & Economics.
'The judge has expressed some reservations about the way the FTC is trying to demonstrate its market definition, but obviously the underlying issue is monopoly power,' Manne told The Hill.
Read more in a full report at TheHill.com tomorrow.
Welcome to The Hill's Technology newsletter, we're Miranda Nazzaro and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley.
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Crypto Corner
A new crypto wallet for $TRUMP token?
© Samuel Corum/Politico/Bloomberg via Getty Images
Welcome to Crypto Corner, a daily feature focused on digital currency and its outlook in Washington.
Magic Eden, a non-fungible token (NFT) marketplace, announced Tuesday it is partnering with the team behind the $TRUMP memecoin to launch a crypto wallet.
A crypto wallet is a tool that allows users to store and manage their cryptocurrencies or other blockchain assets.
In a statement on X, Magic Eden said the wallet is 'coming soon,' and described it as the 'first and only crypto wallet for true Trump fans.'
A waitlist for the $TRUMP Wallet began Tuesday at trumpwallet.com and Magic Eden said it will offer up to $1 million in $TRUMP rewards for those who sign up or refer at least one other person.
The wallet, like the $TRUMP meme coin, is marketed with a graphic of President Trump, and is the latest expansion of Trump's crypto ventures. Both the president and first lady have meme coins with their image and likeness.
Jack Lu, the CEO of Magic Eden, said the partnership 'represents our commitment to onboarding mainstream audience deeper into crypto.'
Using the wallet, users will be able to trade the $TRUMP token, along with major assets like Bitcoin, Solana and Ethereum.
Trump's sons, Eric and Donald Trump Jr., who lead efforts at the family's cryptocurrency company World Liberty Financial, said they had no knowledge of the product.
'The Trump Organization has zero involvement with this wallet product. @EricTrump and I know nothing about it. Stay tuned—World Liberty Financial @worldlibertyfi, which we have been working tirelessly on, will be launching our official wallet soon,' Trump Jr. wrote on X.
'I run @Trump and I know nothing about this project! @worldlibertyfi $Trump @AmericanBTC,' Eric Trump added.
Trump has come under scrutiny for his crypto ventures, especially his meme coin. Last month, he hosted a private dinner with the top investors in his meme coin, which Democrats dubbed as a 'pay-to-play scheme.'
In Other News
Branch out with other reads on The Hill:
Trump administration extends tariff pause on Chinese-made chips for 90 days
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