The co-founder of Facebook, Chris Hughes has advocated for the break-up of the Social networking company, saying that the platform is militating against innovative startups and competitors with its dominating strategy.
Hughes, who helped Mark Zuckerberg build social media company, admonished the United States government to break up Facebook’s business model to democratise its monopolistic power.
Hughes, who shared his opinion in an article published in the New York Times, lamented Facebook’s CEO, Mark Zuckerberg, unprecedented power to “monitor, organize and even censor conversations of two billion people”.
“He controls three core communication platforms—Facebook, Instagram, and WhatsApp—that billions for people use every day. Facebook’s board works more like an advisory committee than an overseer because Mark controls around 60 per cent of voting shares,”
“Mark is a good, kind person. But I’m angry that his focus on growth led him to sacrifice security and civility for click”. Hughes said.
Hughes also noted some privacy scandals that have trailed the social media company recently and its ongoing negotiation with the federal trade commission (FTC).
He further alleged that Zuckerberg was employing a monopolistic strategy to shot potential competitions up.
I’m calling for breaking up @Facebook in an essay in the @nytimes. FB has become too big and too powerful, and it’s part of a trend in our economy of an increasing concentration of corporate power. We can fix this: break the company up and regulate it. https://t.co/34rITPfvJ9
— Chris Hughes (@chrishughes) May 9, 2019
“Investors realize that if a company gets traction, Facebook will copy its innovation, shut it down or acquire it for a relatively modest sum,”
“So despite an extended economic expansion, increasing interest in high-tech start-ups, no major social networking company has been founded since the fall of 2011.” he said.
Hughes said if the government insists on not breaking up or regulating the company, Facebook’s monopoly will become more entrenched that competitors will have no equal opportunity to compete with Facebook for decades to come.
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