Everyone thinks about three things while doing any business that is competition and competition, and to get rid of this competition the very easiest possible way is to buy the competition.
So talking about some very powerful companies who want to remove this competition, for example Instagram and Facebook are used by maximum of the people but in the earlier times when facebook was new in the market, it had a fear that Instagram is a going to give a tough competition to Facebook in the coming times. In 2012 Facebook bought Instagram at a amount of 1 billion dollar, instagram is not only the sole platform that Facebook tried to acquire previously Facebook had also tried to acquire Twitter but could not do so. So we can think from here that is any kind of digital space comes in the market, the mote of Mark Zuckerberg is not to compete with the digital space but instead to buy that which is the most easiest possible way to remove competition.
Later on in 2014 Facebook also acquired WhatsApp by an amount of 19 billion dollars. So to promote any kind of competitive environment there is a body, which regulate such competition ensure that Monopoly of only one player is not established, and this competitive board is known by different name in different countries for example in India it is competition Commission of India. In US it is known as Federal trade Commission.
Now let us first understand what is monopoly?
Monopoly is a kind of market structure where there are various buyers but only one seller therefore only one player has a power of and power to fluctuate the price,according to his choice.
Therefore removing Monopoly from the market is very essential because if only one person gets the authority of the whole market then he will have powers to fluctuate the price of the items and sell bad quality products, because there will be no option left for the consumer as his choice will be restricted.
So if a question is asked to you about searching any topic then what option we all will opt for, the answer is very simple we all will Google it. So Google also has a Monopoly in the search engines.
We can see that all the monopolies are not bad for example the Indian Railways which is a government owned transport provider and therefore the rates are minimal so that all class of people can afford the services. This is not profit focused like all other players and citizen centric.
So now lets us focus on the law suits that were filed on the name of Facebook after gaining monopoly over the market, the lawsuits were filed by
1. Federal Trade Commission
2. Attorney Generals of different states in USA.
So in USA FTC that is Federal trade commission is an anti-trust body which aims to prevent business practices which are anti competitive/deceptive/unfair to consumers.
They are saying that Facebook had created a dominance over the market and removing competition from the Market and therefore creating monopoly. But before 8 years in 2012 FTC had cleared Facebook acquisition of Instagram. In 2008 the CEO of Mark Zuckerberg also said that it is better to buy than complete, according to the lawsuits Facebook officials repeatedly documented their concerns that popularity of competitors Instagram and WhatsApp could break the company’s hold on social media of fear the government says motivated Facebook to spend lavishly to acquire the two companies.
But to defeat Facebook in this lawsuit FTC and State Governor generals will have to prove that instagram and WhatsApp were able to serve the users in a better way if they weren’t acquired by Facebook, and to prove this is very tough for the FTC and attorney generals.
I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.
If you are interested in participating in the same, do let me know.
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