Mark Zuckerberg, the CEO of Facebook has spoken out against calls that ask regulatory agencies to break the company up due to its mammoth size. Zuckerberg stated that it was an advantage that allowed it to spend billions in security measures development every financial year.
Zuckerberg was interviewing with a French broadcaster, when he stated this. It was in response to an opened article written by a co-founder named Chris Hughes. Hughes had written that Zuckerberg had attained un-American and unprecedented level of power. Other politicians like Elizabeth Warren have also made similar calls against Facebook.
Zuckerberg mentioned that the proposed measure would accomplish nothing at all. The interview which was published on Friday had been heavily dubbed into French.
Hughes wrote that Facebook’s role in the 2016 elections where the Russians had utilized Facebook to aid Donald Trump’s campaign was what forced him to take this stand. The whole Cambridge Analytica scandal was also a major factor.
Zuckerberg, who had been meeting President Macron, argued in favor of Facebook’s size. He said that Facebook’s huge size allowed it to build advanced tools against election interference and other such pressing issues by putting in billions into research and development.
The current safety budget at Facebook was higher than the entire revenue it had when Facebook first went public a decade ago. This was only made possible due to a large size that allowed it to funnel more money to security development.
Facebook is currently under investigation internationally and in the US. Concerns grew especially after the CA scandal where the personal information of millions of users was compromised due to violation of user agreements that Facebook had issued, causing the FTC to launch an investigation.
The company has run over $3 billion in charges and is expected to lose around $5 billion due to the FTC inquiry.
Senator Warren, a 2020 Presidential candidate aims to rejig the tech industry by breaking up Google, Facebook and Amazon, making several structural modifications to the industry.