Has Facebook become a monopoly? Mark Zuckerberg struggles to name a single competitor

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During his testimony today, Facebook CEO Mark Zuckerberg struggled to name a single competitor to Facebook, sparking concerns that the company has grown too large and influential.

The questioning took place prior to a joint session between the Senate Judiciary and Commerce committees today. "Who’s your biggest competitor?" asked Sen. Lindsey Graham. "I am not sure I can give one but can I give a bunch? There are three categories that I would focus on. One are the other tech platforms: Google, Apple, Amazon, Microsoft, we overlap with them in different ways," he said.

Unsatisfied with the answer, the senator pushed forward. "Let me put it this way. If I buy a Ford, and it doesn’t work well, and I don’t like it, I can buy a Chevy. If I’m upset with Facebook, what’s the equivalent product I can go sign up for?"

Zuckerberg answered by stating the average American uses eight different apps to communicate with friends, and Facebook is just one of them. "Is Twitter the same as what you do?" asked Graham. "It overlaps with a portion of what we do," replied Zuckerberg.

The questioning continued and he was forced to address why Facebook acquired Instagram and how strongly, and in which ways, he felt his company should be regulated. You can read a full transcript of the exchange over on The Verge.

Photo: Brian Solis via. Flickr

Source: The Verge
Tags: facebook