Facebook Co-Founder Argues That The Company Should Be Broken Up

Facebook Co-Founder Argues That The Company Should Be Broken Up

Facebook hugged the headlines for all the wrong reasons on Thursday (9th May, 2019) when Chris Hughes, a billionaire co-founder of the company, argued in a New York Times Op-Ed essay that the company should be broken up and regulated.

Nick Clegg, Facebook’s Vice President for Global Affairs and Communication decried Chris Hughes’s suggestion. According to Clegg, “You don’t enforce accountability by calling for the breakup of a successful American company.”

In his lengthy Op-Ed, Mr Hughes, the co-founder of Facebook, argued that the social media giant be subjected to extensive government oversight and separated into multiple companies, notably by spinning off the photo-sharing app Instagram, and the messenger service, WhatsApp. In the essay, he reiterates the fact that Mr Zuckerberg is a good, kind person, but simply wields too much power for any one individual. According to him, “Facebook has earned the prize of domination. It is worth half a trillion dollars and commands, by my estimate, more than 80 percent of the world’s social networking revenue. It is a powerful monopoly, eclipsing all of its rivals and erasing competition from the social networking category.”

Mr Hughes’s statement has drawn intense interest across the globe primarily because of his role in the start of the company and his once close-knit relationship with Mr Zuckerberg.

Specifically, Mr Hughes advocated for government intervention. He wrote that the Federal Trade Commission and the Justice Department “should enforce antitrust laws by undoing the Instagram and WhatsApp acquisitions and banning future acquisitions for several years. ” He called the decision to allow Facebook to buy these two major competitors, “the F.T.C’s biggest mistake.”

Dr Olusola Oso

Founder/CEO, Pendrof

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