of Americans use social media and these acquisitions made it so the vast majority are engaging with Facebook products, he noted.
of voting shares at Facebook. “Facebook’s board works more like an advisory committee than an overseer.”At this time, regulators can do little to shield emerging companies from Facebook’s aggressive tactics. Facebook’s strategy of either copying a new venture’s innovations , kneecapping a budding company’s growth or acquiring it has scared away investors, Hughes said.
Hughes called on the government to enforce existing antitrust laws by undoing Facebook’s Instagram and WhatsApp acquisitions and banning future acquisitions for several years. The FTC had been investigating the Cambridge Analytica scandal since last March after news broke that the data-mining firm accessed the data of as many as“Because Facebook so dominates social networking, it faces no market-based accountability,” Hughes wrote. “This means that every time Facebook messes up, we repeat an exhausting pattern: first outrage, then disappointment and, finally, resignation.
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