variety.com
89%
248
Big Tech House Hearing Reveals Mark Zuckerberg Emails About Facebook’s Instagram Acquisition
Todd Spangler NY Digital EditorFacebook’s $1 billion deal to buy Instagram in April 2012 became a focal point of the House Judiciary Committee’s antitrust hearing, with emails from Mark Zuckerberg revealing that the Facebook CEO was concerned that the photo-sharing app would become a significant competitor.Referring to email communications provided by the social media giant, Rep. Jerry Nadler (D-N.Y.), chairman of the Judiciary committee, said the documents “tell a very disturbing story.”“Facebook saw Instagram as a powerful threat that could siphon business away from Facebook, so rather than compete with it, Facebook bought it,” Nadler said.
