Mark Zuckerberg’s recent testimony at a Washington, D.C. courthouse revealed key insights into Meta’s acquisitions of Instagram and WhatsApp as part of a Federal Trade Commission (FTC) antitrust trial. During cross-examination, Zuckerberg expressed confidence in his 2014 decision to acquire WhatsApp for $19 billion, stating, “I’ll do it again,” emphasizing the strategic importance of these platforms in solidifying Meta’s position as a tech giant.
Zuckerberg spent around 13 hours answering questions regarding the FTC’s claim that he bought these apps primarily to stifle potential competition. While he initially thought WhatsApp could compete with Facebook, after engaging with WhatsApp’s co-founders, he concluded it was “highly unlikely.” He argued that WhatsApp represented a shift towards private communication, which he deemed valuable as social interaction moved away from public platforms.
The court reviewed internal documents showing predictions that WhatsApp would reach 2 billion users by 2024, a forecast now surpassed with 3 billion users. Zuckerberg acknowledged that WhatsApp provided Meta leverage in its dealings with app stores and that he saw it as crucial for navigating industry relationships.
Zuckerberg’s testimony also addressed Instagram’s role as a competitor to Facebook. He downplayed concerns over Instagram drawing away Facebook users, despite internal pressures to minimize direct integration between the two platforms. The court learned that Instagram had only 10 million users at the time of acquisition, while Zuckerberg projected a growth goal to 100 million, which has since escalated to over 2 billion users.
The proceedings showcased Zuckerberg’s belief in the long-term value of these acquisitions, while also introducing perspectives from former COO Sheryl Sandberg, who reflected on the initial $1 billion Instagram acquisition, expressing regret about underestimating its potential. Overall, the trial underscores the complexities behind major tech acquisitions and the shifting landscape of social media.
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