Despite the growing popularity of new entrant TikTok, Facebook and Instagram-owner Meta retains significant market power in the social media industry, reporting annual advertising revenue of $5 billion in Australia alone, a report has found.
The High Court has revoked special leave to Facebook to challenge a case by the privacy commissioner, finding that the social media giant’s grounds of appeal no longer involved issues of public importance.
Arguing the interests of the self-represented applicant and group members are in conflict, Meta and Google are urging a court to shut down a class action accusing the digital giants of breaching competition law by banning cryptocurrency ads on their platforms.
Digital giant Meta can access information on crypto tokens issued to fund a class action over Facebook’s ban on cryptocurrency ads, but the identities of those who have bought the tokens can be kept under wraps.
The High Court will take up Meta’s challenge to the privacy commissioner’s case over the Cambridge Analytica data breach, giving the court the chance to rule on the jurisdictional reach of Australian regulators in their pursuit of US tech giants.
Facebook owner Meta has filed a bid to pause a case by the consumer regulator over scam cryptocurrency advertisements until the determination of a private criminal action brought by mining magnate Andrew Forrest.