Meta CEO Mark Zuckerberg challenged the FTC's definition of the personal social networking market during the agency's antitrust trial, according to Ars Technica. The FTC argues that Meta has monopolized the space by buying up competitors and leaving users with few alternatives for connecting with friends and family. Zuckerberg countered that sharing among friends on Facebook has declined, and said TikTok’s dominance forced Meta to imitate its features. Zuckerberg argued that social media platforms now function as discovery engines, allowing users to share content fluidly across apps, but legal experts say this may not sway the judge. They noted that his broad definition of social media risks equating all messaging with social networking, a claim the court may find unconvincing.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Beta CEO Mark Zuckerberg challenged the FTC's definition of the personal social networking
00:06market during the agency's antitrust trial, according to Ars Technica. The FTC argues that
00:12Meta has monopolized the space by buying up competitors and leaving users with few alternatives
00:17for connecting with friends and family. Zuckerberg countered that sharing among friends on Facebook
00:22has declined and said TikTok's dominance forced Meta to imitate its features. Zuckerberg argued
00:29that social media platforms now function as discovery engines, allowing users to share
00:34content fluidly across apps. But legal experts say this may not sway the judge. He noted that his
00:39broad definition of social media risks equating all messaging with social networking, a claim
00:45the court may find unconvincing. For all things money, visit Benzinga.com slash GSTV.