Unwinding Facebook’s Instagram purchase or other previously cleared mergers seems unfair and costly. But many tie-ups have caused unforeseen harm. Allowing regulators limited do-overs could benefit consumers and investors alike, writes holdingren.
At a hearing before the U.S. House Financial Services Committee on Oct. 24, lawmakers told Facebook Chief Executive Mark Zuckerberg that his social network could be dismantled in the face of complaints about privacy, competition and its proposed cryptocurrency, Libra.
After the hearing, Pete Buttigieg, a candidate for the Democratic presidential nomination, said the breakup of big technology companies is a"remedy that should be on the table." Senator Elizabeth Warren, also running for the Democratic presidential nomination, has made unwinding technology-firm mergers a central theme of her economic platform, aiming particularly at Facebook’s 2012 purchase of photo-centered social network Instagram and 2014 acquisition of instant-messaging service WhatsApp.
On Oct. 22, New York Attorney General Letitia James announced that 47 state attorneys general had joined an antitrust investigation into whether Facebook broke state or federal laws in gaining a dominant position in social media.
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