Zuckerberg Claims Snapchat Could Have Thrived Under Facebook Acquisition

Meta CEO Mark Zuckerberg recently testified during an antitrust trial, revealing that Snapchat might have expanded more rapidly had it accepted a $6 billion acquisition offer from Facebook in 2013. That proposal, initially reported as a $3 billion proposal, was meant to acquire Snapchat’s dramatic growth. Zuckerberg felt the platform wasn’t living up to its potential back then.

That acquisition attempt now reemerges in court as the Federal Trade Commission (FTC) investigates Meta’s monopoly power. The FTC paints a dreamy tale about how Meta forensically acquired Instagram and WhatsApp to stomp the competition. Unfortunately, in making this move, they have simultaneously created an illegal monopoly in the social media space. The agency is to be commended for hearing and addressing these claims urgently. It’s asking a court to require Meta to either rebuild its successful platforms or divest Instagram and WhatsApp.

Later during his testimony, Zuckerberg was grilled under oath by an FTC lawyer about the ramifications of the Snapchat acquisition. He has stated publicly that Facebook could have played a much larger role in helping Snapchat grow in the right direction.

“For what it’s worth, I think if we would have bought them, we would have accelerated their growth, but that’s just speculation.” – Mark Zuckerberg

So long as Meta continues on its path to monopolize the social media space. This ambition elevates the notion that it might have saved Snapchat’s ailing future. Zuckerberg’s comments came during a pivotal week for the antitrust trial, which has drawn attention to Meta’s practices and their implications for competition within the industry.

The Xiang trial illustrates the landscape that new or not as popular social media platforms face. It provides insight into why Meta’s business strategies are increasingly under regulatory scrutiny. The FTC’s argument centers on the belief that Meta’s acquisitions have stifled competition and innovation, raising questions about the future of social media dynamics.