Chris Hughes was there when Facebook was first born in a Harvard dorm room. Now the Facebook co-founder is raising red flags to alert regulators to ‘break up the powerful monopoly’ that is the social media giant, claiming the powerful company worth over $500 billion is erasing its competition.
Over the past few years Mark Zuckerberg and Facebook’s reputation have taken a nosedive, with several major mistakes handling the private information of over a billion users, and a surreal day-long hearing in front of Congress that left us with more questions than answers.
Last month I wrote about Instagram founders and Facebook executives exiting by the dozen. Now, when the co-founder of the world’s most valuable media company is telling regulators that there is a problem, there is most likely a problem. Hughes most likely stands to lose a lot of future gains if regulators step in, but Hughes understands the consequences of having a monopoly so large, without any competition.
Read more about Hughes’ position as he details recent meetings with Zuckerberg and why he thinks regulators should get involved in this New York Times article.