Mark Zuckerberg always knew.
In 2012, when Instagram was two years old, with 13 employees and no obvious path to profitability, Zuckerberg knew that the fast-growing photo app was a potential threat to Facebook’s social media dominance.
“Instagram can hurt us,” he wrote in an email. In an internal discussion about whether to buy Instagram – and other start-ups that might one day pose a threat to Facebook’s social media monopoly – he added: “The basic plan would be to buy these companies and leave their products running while over time incorporating the social dynamics they’ve invented into our core products.”
Kevin Systrom, Instagram’s co-founder, knew something, too. He knew that angering Mr Zuckerberg might cause the “wrath of Mark” to come down on his still-fragile company and cause Facebook’s founder to go into “destroy mode,” as he put it in a text message to one of Instagram’s early investors.
Yes, Instagram might one day become a significant competitor to Facebook – but it was also possible that Facebook would clone Instagram’s technology and put the start-up out of business. So in April 2012, when Mr Zuckerberg offered to pay $1 billion for the company, Mr Systrom and the Instagram board said yes.
But when it sought to get the deal approved by the Federal Trade Commission in the US and the Office of Fair Trading in the UK, Facebook argued with a straight face that there was plenty of competition from other photo apps like Camera Awesome. And the two government agencies were also convinced that because Instagram had no revenue, a merger with Facebook wouldn’t meaningfully add to its market share. The two regulators took only four months to approve the deal. But of course, they didn’t know what Mr Zuckerberg and Mr Systrom knew.
On Wednesday afternoon, the FTC and 48 attorneys general filed dual antitrust suits designed to undo the merger of Facebook and Instagram – as well as Facebook’s takeover of WhatsApp, another potential rival that it bought in 2014 for a staggering $19bn. (WhatsApp also had no revenue and 55 employees at the time Facebook bought it.)
This is a radical proposition – the US government hasn’t contemplated breaking up a company since the Justice Department sued Microsoft in 1998. But I’ve long believed that there is simply no other way to curb Facebook’s immense monopoly power.
In the attorneys general complaint, the plaintiffs contend that Facebook employs a “buy-or-bury strategy that thwarts competition and harms both users and advertisers”. One would be hard pressed to disagree. Venture capitalists are so fearful of Facebook’s ruthless tactics they simply won’t fund start-ups that Mr Zuckerberg might view as competition, no matter how insignificant. Thus is innovation stifled, as is competition itself.
The basic plan would be to buy these companies and leave their products running while over time incorporating the social dynamics they've invented into our core products
As a result, the plaintiffs contend, social media consumers don’t have legitimate choices. If they don’t like Facebook’s privacy policies, or if they want fewer ads, or are offended by Facebook’s unwillingness to face squarely the amount of disinformation on its platform, what are their options? Move to Instagram? Or WhatsApp? They are still in Facebook’s universe, which can still use their data to make oodles of money.
Mr Zuckerberg has apologised a dozen times or more for some Facebook missteps and promised to do better. Nothing much changes. Facebook agreed to a settlement with the FTC in 2012 over what the agency called “privacy-related violations” – and then had to pay a $5bn fine seven years later for violating the terms of that settlement. One reason to break up Facebook is that less onerous remedies have simply failed to make a difference. Facebook has proved again and again that it doesn’t take government mandates seriously.
As the economist Hal Singer put it in a tweet soon after the complaint was filed, “There is no injunctive or behavioural cure that can remedy this mess. Facebook’s anticompetitive conduct defies traditional [regulatory] approaches.”
The second reason to break up Facebook is that it is the only way to create competition in the social media business – and to create it instantly. Instagram now has more than 1 billion monthly active users. WhatsApp has more than 1.6 billion. What’s more, before Facebook bought them, the two companies had much different approaches to matters such as privacy and even profitability.
For instance, WhatsApp's chief executive, Jan Koum, left Facebook in 2018 after a "clash over data" as the Washington Post put it at the time. Mr Koum had long kept the data of WhatsApp users private, but Mr Zuckerberg had decided the time had come for Facebook to start monetising it.
A WhatsApp that was divorced from Facebook might well establish itself as an alternative to Facebook’s data practices. Indeed, that’s what it was before it was acquired in 2014. The same could be true of Instagram. They wouldn’t compete with Facebook on price, obviously, but on all the other things social media users care about.
It’s no secret that government antitrust cases are difficult to win in court, where judges have heavily favoured consolidation in recent decades. Facebook will argue – as it already has – that it won government approval of the deals fair and square. “Years after the FTC cleared our acquisitions, the government now wants a do-over,” the company said in a tweet.
But reducing Facebook’s power is one of the few issues that Republicans and Democrats agree on, and as my colleague Tae Kim notes, David Cicilline, the chair of the House antitrust subcommittee, would be well served to craft a bill that would make it easier to curb the power of the big technology companies, starting with Facebook.
As for the antitrust suits, breaking up Facebook isn’t just the right solution, it’s the only solution.
Joe Nocera is a Bloomberg Opinion columnist covering business. He has written business columns for Esquire, GQ and the New York Times, and is the former editorial director of Fortune. His latest project is the Bloomberg-Wondery podcast “The Shrink Next Door”.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
Killing of Qassem Suleimani
Dubai World Cup factbox
Most wins by a trainer: Godolphin’s Saeed bin Suroor(9)
Most wins by a jockey: Jerry Bailey(4)
Most wins by an owner: Godolphin(9)
Most wins by a horse: Godolphin’s Thunder Snow(2)
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
KILLING OF QASSEM SULEIMANI
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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