Congress confronts Zuckerberg with an endorsement of his desire to buy competitors from startups

US Canada
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Representative Joe Nijoz referred to an email sent by Facebook President Mark Zuckerberg in 2012 stating that Facebook had reached a deal to buy Instagram

 One of the company's employees, whose identity has been hidden from the e-mail, replied: "Good effort."

e-mail

 

Zuckerberg replied, "Thank you. One of the reasons people downplay the importance of Google watching is that it is possible that we can always buy any competitive startups, but it will take some time before we can buy Google."

When asked about the email at the hearing, the Facebook CEO said he doesn't remember the email, but "looks like a joke."

 

Rep. Joe Nijoz again raised questions about Facebook's acquisition strategy, citing an email from David Winner, the company's chief financial officer. Niguez said the email described Facebook's merger strategy as "land grabbing ".

" We will spend 5-10% of our market cap every two years to support our position," Nijoz read aloud, part of the email. "I hate the word" land grabbing, "but I think this is the most convincing argument we should have."

Then Niguez said that Instagram's success reflects this strategy. In response to a question about the response, especially to Instagram, Zuckerberg acknowledged that Instagram "definitely exceeded our wild expectations" but Instagram was part of a much larger market "of global space for how people connect more broadly ".