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He has reportedly been building up a possible antitrust case against Facebook along with two antitrust academics, according to The Times. The outlet reported that it is unusual for founders to turn back and argue for the breakup of the company they helped launch.
Here’s a look at Hughes’ net worth in light of the new report.
He worked with the new company for just three years and made half a billion dollars, he wrote.
Hughes left Facebook in 2007 to work for Barack Obama’s successful presidential campaign and by 2012, Hughes had sold off his shares in the company he helped Zuckerberg found, according to his Times op-ed.
In 2016, Forbes reported Hughes was worth $430 million and listed him among America’s richest entrepreneurs under 40.
As of last year, Hughes is worth an estimated $500 million, according to Celebrity Net Worth.
The report of Hughes’ meetings with government regulators comes days after Facebook executives confirmed that both the FTC and Justice Department have opened antitrust investigations into its business.
Hughes’ first made public his opinion that the social media company needed to be broken up in an op-ed piece in The Times back in May.
In the piece, he argued that his former business associate Zuckerberg has “unchecked power” and that his “focus on growth led him to sacrifice security and civility for clicks.”
“We are a nation with a tradition of reining in monopolies, no matter how well intentioned the leaders of these companies may be. Mark’s power is unprecedented and un-American,” Hughes wrote. “It is time to break up Facebook.”
Facebook and Zuckerberg have drawn unprecedented scrutiny in recent years for a variety of scandals, including the rise of fake news on its platform and the role it may have played in influencing the 2016 election cycle. The company’s admission last year that a British data firm, Cambridge Analytica, had improperly accessed the personal information of up to 87 million users, generated calls for regulation of the industry.
Aside from Hughes, 2020 Democratic presidential hopeful Elizabeth Warren has called for a breakup of tech leaders such as Facebook, Amazon and Google, arguing that the companies have engaged in anticompetitive mergers and other unfair business practices.
FOX Business’ Thomas Barrabi contributed to this report.