Facebook and his CEO Mark Zuckerberg have become far too powerful. The US government is therefore advised to split up the company. That is opinion is of Chris Hughes, who was at the foundation of the social media giant 15 years ago along with Zuckerberg.
Hughes writes in an opinion piece for The New York Times that it is impossible for consumers to ignore Facebook, since the company also owns the WhatsApp chat service and the Instagram photo app. From the outset, it was Zuckerberg’s goal to “dominate” the market, says Hughes. Rivals were bought up before they could become serious competitors.
What makes that monopoly unacceptable, according to Hughes, is the fact that Zuckerberg at the top of Facebook barely listens to opposing view.
“The Facebook board of directors works more as an advisory committee than as a supervisor,” Hughes writes.
It is this inviolability that has contributed to recent Facebook scandals, such as a major privacy leak and the influencing of US presidential elections by fake news through the social medium. The solution should not be sought at the top of the company itself, but at the government. “Mark Zuckerberg cannot repair Facebook, but our government can.”
Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is oliver.kjeldsen@economicinform.com
