Mark Zuckerberg took the stand as the first witness in an antitrust case against Meta, the parent company of Facebook, Instagram, and WhatsApp. The lawsuit challenges Meta's acquisitions of Instagram and WhatsApp, alleging they created a monopoly in the social media landscape. Zuckerberg defended the acquisitions, stating that they were motivated by 'crazy' and 'scary' ideas aimed at expanding Meta's services and reach.
He argued that Instagram and WhatsApp were nascent platforms at the time of their acquisition and that Meta provided the resources and expertise to help them grow into the global powerhouses they are today. Zuckerberg emphasized that the acquisitions were beneficial for users, providing them with more choices and innovative features.
The lawsuit, initiated during President Biden's first term, seeks to unravel the acquisitions and potentially break up Meta's control over the social media market. The outcome of the trial could have significant implications for the future of tech mergers and acquisitions.
Zuckerberg Defends Instagram, WhatsApp Acquisitions in Antitrust Trial
Meta CEO Mark Zuckerberg testified in an antitrust lawsuit regarding the company's acquisitions of Instagram and WhatsApp. He argued that the purchases were driven by innovative, albeit risky, ideas to expand Meta's reach and services. The lawsuit, filed during President Biden's first term, questions whether the acquisitions stifled competition in the social media market. Zuckerberg maintained the acquisitions were beneficial for users and fostered innovation.