Facebook CEO Mark Zuckerberg on Tuesday was pressed by lawmakers on Capitol Hill about regulation and whether the tech giant is a monopoly.
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While Zuckerberg digressed on the issue of the size of the company, he agreed the implementation of the “right regulation” is necessary.
However, Scott Galloway, a marketing professor at the New York University Stern School of Business, sees things very differently.
“The most recent big lie from big tech was Mark Zuckerberg saying I’m not sure we shouldn’t be regulated,” Galloway said on FOX Business’ “Mornings with Maria.” “That is so ridiculous – they will fight tooth and nail any regulation.”
Since 2005 Facebook has acquired dozens of companies, including photo sharing platform Instagram and mobile instant messaging app WhatsApp. In Galloway’s opinion, the consumer-driven company should be broken up.
“When you have 5 million advertisers and no one advertiser can hurt you – you’re a monopsony,” he said. “Advertisers have no choice but to be on Facebook. So bottom line: this is a monopoly.”