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NY Attorney General Latitia James holds a news conference to announce the antitrust lawsuit the FTC and a number of states are filing against Facebook.

The Federal Trade Commission and a coalition of attorneys general from 48 states and territories filed two separate antitrust lawsuits against Facebook on Wednesday. The lawsuits target two of Facebook’s major acquisitions: Instagram and WhatsApp.

Both are seeking remedies for the alleged anticompetitive conduct that could result in requiring Facebook to divest the two apps.

The company’s stock was down almost 4% following the news of the lawsuits.

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CNBC’s Julia Boorstin reports on Facebook’s response to the antitrust lawsuit filed by 48 states and the FTC. CNBC’s Ylan Mui reports on details of the lawsuit.

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