Business

Facebook co-founder wants social media giant to be broken up


“It’s time to break up Facebook,” said Chris Hughes, who along with Zuckerberg founded the online network in their dorm room while both were students at Harvard University in 2004.


In an editorial published in The New York Times, Hughes said Zuckerberg’s “focus on growth led him to sacrifice security and civility for clicks,” and warned that his global influence had become “staggering.”


Clegg, a British former deputy prime minister, reasoned that carefully crafted regulation of the internet is the way to hold technology companies accountable, and noted that Zuckerberg has been advocating for just that.


Facebook and its family of services have many competitors, and can find corporate efficiencies when it comes to data centers, talent and other resources that can work on its various offerings, Clegg said.


He accused Facebook of acquiring or copying all of its competitors to achieve dominance in the social media field, meaning that investors were reluctant to back any rivals because they know they cannot compete for long.


Zuckerberg “has created a leviathan that crowds out entrepreneurship and restricts consumer choice,” wrote Hughes, who is now a member of the Economic Security Project, which is pushing for a universal basic income in the United States.






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