BY GABI ISENBERG – Facebook, Instagram, WhatsApp. What do these apps all have in common? They’re all social media platforms; they’re also all owned by Facebook Inc.
Facebook was founded in 2004 by Harvard student Mark Zuckerberg and four of his roommates. Since then, Zuckerberg has been CEO, and the company has become the world’s most famous social media company. The company owns eight social media apps, four of which are in the “top five most-downloaded apps in the world” list. Facebook is a platform that is not really used by Gen-Zs, but some of the other apps Facebook owns – such as Instagram, Masquerade, and WhatsApp – are. Although students might not be familiar with Facebook itself, they’re still familiar with Facebook in a way.
Earlier this month, 48 Attorney Generals filed lawsuits against Facebook Inc., calling it an “illegal monopoly.” The Merriam-Webster dictionary’s definition of monopoly (not the game) is “noun – exclusive ownership through legal privilege, command of supply, or concerted action.”
This is a bit confusing as is how it applies to Facebook. Click on this link for a short Google Slide explanation of The Facebook Monopoly.
Ian Conner, Director of the FTC’s Bureau of Competition, also stated in a recent CNN article that “Facebook’s actions to entrench and maintain its monopoly deny consumers the benefits of competition. Our aim is to roll back Facebook’s anticompetitive conduct and restore competition so that innovation and free competition can thrive.”
The current lawsuit is asking for a court order that demands Facebook notify the government of any purchases over $10 million. This is to ensure that Facebook does not again become a monopoly.