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Tech antitrust: Zuckerberg to say Facebook's size is good for competition - Business Insider

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Mark Zuckerberg will tell Congress that Facebook's acquisitions are good for competition, according to a copy of his prepared remarks

Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Mark Zuckerberg will argue before Congress that Facebook's acquisitions of companies like Instagram and WhatsApp are good for competition, according to aZuckerberg is set to testify on Wednesday before the House Antitrust Subcommittee, which is investigating whether the company engaged in anticompetitive behavior.

"Our acquisitions have helped drive innovation for people who use our own products and services and for the broader startup community. Acquisitions bring together different companies' complementary strengths," Zuckerberg will say, according to the prepared remarks. "When you acquire a company, you can benefit from their technology and talent, and when you are acquired you get access to resources and people you otherwise might never have been able to tap into.

Before that, Facebook's acquisition of Instagram and WhatsApp in 2012 and 2014, respectively, cemented it as a global tech giant. In 2013, Facebook purchased Onavo Mobile, an app that uses AI to identify other companies that could make for good purchases. "China is building its own version of the internet focused on very different ideas, and they are exporting their vision to other countries. As Congress and other stakeholders consider how antitrust laws support competition in the U.S., I believe it's important to maintain the core values of openness and fairness that have made America's digital economy a force for empowerment and opportunity here and around the world," Zuckerberg said in the remarks.

 

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