Zuckerberg didn’t deny that his company acquired Instagram in part so it wouldn’t compete with Facebook on photo sharing. — AP
Facebook Inc chief executive officer Mark Zuckerberg bought Instagram because he was concerned about the nascent company’s potential to turn users away from Facebook, according to documents obtained by the House Judiciary subcommittee on antitrust.
That makes it “exactly the type of anticompetitive acquisition that antitrust laws were intended to prevent”, US Representative Jerrold Nadler told Zuckerberg at a hearing Wednesday. After Zuckerberg reminded committee members that the Instagram acquisition was allowed to proceed by the Federal Trade Commission, Representative David Cicilline said the FTC’s failure in 2012 has no bearing on whether the acquisition violated the law.
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