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Investigates August 22, 2020 3 mins read

Facebook CEO Mark Zuckerberg testified during FTC antitrust inquiry  

Investigates ı By Marivic Cabural Summers

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Facebook CEO Mark Zuckerberg at congressional hearing

Facebook (NASDAQ: FB) CEO Mark Zuckerberg testified during a hearing conducted by the Federal Trade Commission (FTC) as part of its investigation into whether the social network giant violated antitrust laws.

Zuckerberg answered FTC’s questions remotely for two days this week, according to Politico based on information from three people familiar with the matter.

It is the first time the Commission directly interviewed the CEO of a tech company that is a target of an antitrust investigation.

The move to seek Zuckerberg’s testimony comes after the FTC suffered a backlash for not seeking Zuckerberg’s testimony during its investigation into the Cambridge Analytica data scandal, in which 87 million Facebook users’ information was compromised.

The FTC investigation into Facebook’s data breach involving the bankrupt British political consulting firm resulted in the social network giant paying $5 billion to settle its consumer privacy violations.

On Thursday, the sources, who requested Politico not to disclose their identity because the inquiry is confidential, said interviewing Zuckerberg under oath doesn’t mean it will eventually pursue an antitrust lawsuit.

Technology observers suggested that an interview with Zuckerberg means the federal consumer protection watchdog’s antitrust investigation into Facebook is already in an advanced stage.

Take note that Facebook is facing a multistate antitrust investigation, which started around September in 2019. New York Attorney General Letitia James, who is leading the probe, previously stated that she and her fellow Attorneys General will discuss their action against the social network giant with FTC officials.

FTC to interview other Facebook senior executives

A related report from the New York Times indicated that a person with knowledge about the matter said aside from Zuckerberg, FTC staff already questioned some Facebook senior executives. Others are set to testify after Zuckerberg’s testimony.

A spokesman for Facebook told the newspaper that the social network giant is “committed to cooperating” with the FTC’s probe and “answering the questions the agency may have.”

FTC inquiry focused on Facebook’s acquisition practices

The FTC is reportedly focusing its inquiry into Facebook’s acquisition of start-up social networks such as Instagram and WhatsApp. Many believe that the social network giant decided to purchase the start-ups to remove possible competitors that are becoming popular.

Last month, Zukerberg and other CEO of big tech companies including Tim Cook of Apple (NASDAQ: AAPL), Jeff Bezos of Amazon (NASDAQ: AMZN), and Sundar Pichai of (GOOGLE) testified during a House Judiciary Committee’s antitrust investigation.

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Marivic Cabural Summers
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Marivic Cabural Summers

Marivic has been a freelance writer/journalist for nearly 20 years. She strictly adheres to the ethical standards in journalism. For her, integrity is everything. Readers deserve to know that real story. She previously worked as research analyst and editor at Lombardi Financial and has written for various websites including The Motley Fool, ValueWalk, IcannWiki and was a news writer/radio program producer at Nation Broadcasting Corporation. Marivic holds a BA in Mass Communications.

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