As critics continue to question Facebook’s (NASDAQ:FB) growing influence, its CEO Mark Zuckerberg doesn’t think breaking it up can solve real issues. In an interview with CBS, the CEO indicated he is not opposed to regulating of the tech sector.
Breaking Facebook won’t fix political discourse
Zuckerberg told CBS that there are a lot of people who are upset and are fronting measures such as breaking up Facebook. He, however, feels that this is not going to fix the issue of political discourse. Several legislators have been calling on US regulators to limit the company’s influence. Some have called for a split of messaging app WhatsApp and Instagram from the company.
Even Zuckerberg believes that one company should not have so much power or influence. He said that private companies should not have much influence on making the most important decisions. The CEO indicated matters like balancing different social values should not at the control of private companies.
On the matter of political ads that have created too much debate, the CEO stated that people should be left to judge the character of the politicians on their own. He acknowledged the need for regulation, which he said he welcomes. The comments come at the heels of the company being on the end of criticism regarding its policy of not fact-checking political ads.
Growing scrutiny on Facebook breaking antitrust rules
Recently comedian Sacha Baron Cohen was critical of the stance of the company joining Elizabeth Warren on criticizing the policy. Senator Warren is among the legislators that have called for breaking of Facebook Amazon (NASDAQ: AMZN) and other tech companies.
Critics indicate that the company’s $19 billion acquisition of WhatsApp and $1 billion buyouts of Instagram have contributed to creating a social media juggernaut. Many see this as a strategy for blocking any form of competition.
Although there is growing criticism and talk of violation of antitrust rules breaking Facebook will require two things. First, regulators have to prove that the company is a monopoly and then show that it is using its position to kill competition.