Instagram co-founders Kevin Systrom and Mike Krieger left the company last year over tension strained with Facebook CEO Mark Zuckerberg. Systrom, who did not give much detail on the issue after the breakup, answered questions about the sale of Instagram to Facebook at an event he attended.
At the event, journalists asked Systrom if he would sell the company back to Facebook if he were to relive the same thing. Systrom replied, “If someone came to you and offered you $1 billion in return for 11 people, how would you answer?”
Kevin Systrom on whether he’d do Facebook-Instagram acquisition again: “When someone comes and offers you a billion dollars for 11 people, what do you say?” #DealBook
— Dylan Byers (@DylanByers) November 6, 2019
Systrom’s statement suggests allegations of monopoly on Facebook, which have been discussed in the US senate. At this point, after the FTC launched an antitrust investigation against Facebook in June, the Justice Department also filed a new lawsuit against the company for antitrust surveillance.
As far as I’m concerned, Facebook’s acquisition of initiatives by offering high prices to new and emerging initiatives in the market is one of the most important steps it has taken to dominate the market. Attempts to reject the acquisition offer from technology giants such as Snapchat have been cornered by the same companies.