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Zuckerberg In The Hot Seat: Landmark Trial Could Break Up Meta’s Empire

A high-stakes antitrust trial that could reshape the future of Big Tech kicks off this week in Washington, putting Meta CEO Mark Zuckerberg—and two of Silicon Valley’s most iconic acquisitions—under the microscope.

At the heart of the case is a bold accusation: Meta’s $1 billion purchase of Instagram in 2012, followed by its $19 billion acquisition of WhatsApp in 2014, wasn’t about innovation, but domination. The Federal Trade Commission (FTC) argues these deals were designed to snuff out competition, securing Meta’s monopoly over the social media landscape.

Although the FTC initially signed off on both deals, it kept a close watch. More than a decade later, it wants Zuckerberg to unwind them. If the FTC wins, Meta could be forced to spin off Instagram and WhatsApp—an outcome with massive implications for the tech industry.

Meta, unsurprisingly, disagrees. The company has long maintained that its stewardship improved Instagram and WhatsApp, boosting user experience and accelerating growth. Insiders say Meta’s legal team will lean heavily on that narrative.

But intent may be key. And that’s where Zuckerberg’s own words could come back to haunt him. “It’s better to buy than compete,” he reportedly wrote in internal emails—lines that could become a central theme in the courtroom.

“The FTC argues that Instagram was a rising competitive threat, and Meta neutralized it,” says Rebecca Haw Allensworth, an antitrust expert at Vanderbilt Law School. “Zuckerberg’s statements might be the strongest evidence they have.”

Meta will likely argue that consumer benefit—not executive emails—should determine the case. “They’ll say Instagram thrived because of the merger,” Allensworth adds. “That’s the hill they’ll die on.”

Both Zuckerberg and former COO Sheryl Sandberg are expected to testify in a trial that may stretch for weeks, if not longer.

Politics At Play

Originally filed during Donald Trump’s presidency, the case has taken on new political weight as the former president eyes a return to the White House. Zuckerberg personally lobbied Trump to drop the lawsuit. Asked about the report, Meta sidestepped specifics, issuing a broadside against the FTC instead.

“The FTC’s lawsuits against Meta defy reality,” a spokesperson said. “Over a decade after greenlighting these acquisitions, the agency is now suggesting no deal is ever truly final.”

Zuckerberg’s relationship with Trump has seen whiplash-inducing shifts. Once strained—Trump was banned from Meta platforms after the Capitol riot in 2021—the ties have since warmed. Meta donated $1 million to Trump’s inauguration, and in January, UFC president and Trump loyalist Dana White joined Meta’s board. Around the same time, the company also announced it was phasing out independent fact-checkers.

A Test For The FTC

Behind the courtroom drama lies a broader institutional battle. In March, Trump dismissed two Democratic FTC commissioners, Rebecca Kelly Slaughter and Alvaro Bedoya, tilting the five-member commission sharply to the right. Until recently, only two seats were filled—both by Republicans. Another Republican was confirmed last week, further altering the balance.

Slaughter and Bedoya, who are now suing to be reinstated, claim the firings were politically motivated. “The message was clear,” Slaughter told. “If you don’t toe the line, you’re next.”

The timing has raised concerns that political interference could taint the case. “I hope that the FTC remains independent,” Bedoya said.

FTC Chair Andrew Ferguson, a Trump appointee, insists he’ll “obey lawful orders” but doesn’t expect to be asked to drop the case. Still, his recent remarks—questioning whether independent regulators are good for democracy—have only added fuel to the fire.

Despite these headwinds, the FTC continues to position itself as a key enforcer in the fight against corporate overreach, recently returning millions to fraud victims and cracking down on exploitative subscription models.

Now, with the Meta trial underway, the agency faces a defining test—not just of its legal argument, but of its ability to hold one of the most powerful companies in the world to account.

Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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