Is Facebook still a monopoly?
Can anyone call Meta (yes Facebook) a monopoly now that it is leaking market share? Fortune explains in a summary of Axios piece.
Meta officials are straining awfully hard to spin the company’s recent doldrums in their favor. As Axios reported Wednesday, the Instagram and Facebook parent has argued on multiple occasions that its falling market cap—about $389 billion, down from roughly $1 trillion this time last year—illustrates that the company isn’t a monopoly deserving of an antitrust crackdown. Meta currently faces investigations or lawsuits filed by the Federal Trade Commission, state attorneys general, and European Union regulators, each of whom is alleging some form of anti-competitive behavior by company officials. (Fortune)
This has also affected the founder of Facebook's wealth: "Meta Platforms CEO Mark Zuckerberg has seen his wealth cut by $71 billion this year, according to Bloomberg, which adds, "even in a rough year for just about every US tech titan, the wealth erased from [Zuckerberg] stands out." The billionaire, whose wealth exploded to $142 billion in September 2021 when the company’s shares hit $382, has since dropped 14 spots in Bloomberg's Billionaire Index. While the entire tech industry was hit hard by the economic downturn, Facebook, which rebranded as Meta in 2021, is down approximately 57% this year, compared to peers such as Apple or Alphabet (down 14% and 29%, respectively)."
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