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"Well, you can see Facebook is the new cigarettes for our society. It's something that badly needs to be regulated," Benioff told CNN's "Reliable Sources." "They're certainly not exactly about truth in advertising. Even they have said that. That's why we're really in squarely a crisis of trust, when the core vendor themselves cannot say that trust is our most important value. Look, we're at a moment in time where each one of us in every company has to ask a question: What is our highest value?"
Benioff's calls for antitrust action against Facebook come as the company faces criticism for its policy of not fact-checking political ads.
Benioff, who bought Time magazine in 2018, said he expects to see a "fundamental reconceptualization" of Facebook.
"When you have an entity that large with that much potential impact, and not fundamentally doing good things to improve the state of the world, well, then I think everyone is going to have it in its crosshairs," he said.
Facebook responded to Benioff's comments in a statement to CNN Business.
"While some may see antitrust action as a catch-all solution to address all social policy, the fact is that antitrust law is not intended to punish a company because you disagree with its leadership, dislike the product, or to impose liability where companies are seeking to compete vigorously — and even win — on the merits," a Facebook spokesperson said.
The Federal Trade Commission is reportedly considering taking antitrust action against Facebook regarding how its products interact.
In July, the FTC approved a $5 billion fine against the social media company over how it handled users' personal information.
FOX Business' inquiry to Facebook was not immediately returned.
FOX Business' Brittany De Lea contributed to this report.