Facebook has come under scrutiny over last couple of days regarding the social network’s confusing policies regarding fake news. Interestingly, Zuckerberg has found himself in the center of attention once again as the he reportedly told investors that the social network’s acquisition of Instagram few years earlier isn’t an antirust issue.
During a recent investor’s call, Facebook’s CEO tried to push back against critics and law enforcers who believe that the company’s acquisitions over the years have been a threat to social media space. However, Zuckerberg argued that there was no guarantee at the time of acquisition that Instagram would become such major success for the company. As a result, Facebook at the time didn’t see Instagram as a competitor since it had a relatively small 30 million user base.
Moreover, he said that the FTC was completely aware of the details when it approved Facebook’s decision to acquire Instagram. He said, “I set a goal that we hoped that one day Instagram might reach 100 million people, and I know that that seems quaint today compared to how well it’s done, but remember that a lot of the other services that were Instagram peers and were growing quickly at the time.”
This doesn’t come off as a surprise as the social network recently published its higher than expected financial results from last quarter. Despite that, Facebook is more than likely to face legal problems going forward. For instance, just recently a number of its partners move away from supporting Libra, a global cryptocurrency which is set to launch later next year.
As Facebook continues to unify its products, it’s safe to assume that the company will face legal problems going forward. Zuckerberg recently told that he is ready to fight regulators who want to break up the company in smaller parts. While he recently revealed that he had a constructive meeting with Donald Trump, it’ll be much more difficult to convince lawyers regarding antitrust issues.