Mark Zuckerberg, Facebook’s CEO, has prepared his argument for the antitrust hearing in the US Congress: blocking us technological innovation only benefits China. Tiktok said Zuckerberg plans to portray his company as a successful American story in a competitive and uncertain market, but now it is threatened by the rise of China’s social media applications around the world. China’s services such as jitter and voice are even popular in the United States.
Zuckerberg and CEO of Amazon, Google, apple and other companies will attend the hearing of the US House antitrust sub committee. The hearing, originally scheduled for Monday, has been rescheduled to noon on July 29. Facebook’s second quarter results were originally scheduled to be released on the same day, but were also revised to July 30.
US congressional investigators have collected thousands of Facebook internal documents, hoping to understand the logic behind the company’s acquisition of instagram and wahtsapp and Zuckerberg’s view of competitors.
Zuckerberg’s point is that the success of these services under Facebook is not inevitable. Instagram, in particular, had 13 employees when it was acquired by Facebook in 2012 and had no revenue at all – but it quickly grew into the most popular mobile photo sharing app.
the CEO wants to make a macro point: any attempt to weaken the strength of American companies will only help Chinese enterprises develop in overseas markets, especially in high-speed growth markets such as India.
Zuckerberg made a similar point at the “Libra coin” hearing in 2019. “China will quickly come up with similar ideas in the coming months.” He said at the time, “if the United States does not innovate, we cannot ensure our financial leadership.” He also said later that year that China should never be allowed to set unexpected Internet rules in the United States.
Zuckerberg has been forging closer ties with Chinese leaders for years, hoping to bring Facebook into the Chinese market. But after many unsuccessful attempts, he began to embrace this new idea.