As social media giant Facebook gears up to launch its own stablecoin Libra, there has been some strong opposition. Former co-founder of Facebook, Chris Hughes penned an op-ed in news portal New York Times, stating it was time to break the company up.
For the uninitiated, Social media giant, Facebook is reportedly looking for investors to support Chief Executive Officer (CEO) Mark Zuckerberg’s idea of an integrated cryptocurrency payment system. Zuckerberg is reportedly also looking to launch a fiat-payment system.
Hughes said, “We are a nation with a tradition of reining in monopolies, no matter how well intentioned the leaders of these companies may be. Mark’s power is unprecedented and un-American. It is time to break up Facebook. We already have the tools we need to check the domination of Facebook. We just seem to have forgotten about them.”
He further said that the government must hold Mark accountable. He said, “Any day now, the Federal Trade Commission is expected to impose a $5 billion fine on the company, but that is not enough; nor is Facebook’s offer to appoint some kind of privacy czar. After Mark’s congressional testimony last year, there should have been calls for him to truly reckon with his mistakes. Instead the legislators who questioned him were derided as too old and out of touch to understand how tech works. That’s the impression Mark wanted Americans to have, because it means little will change.”
Hughes said that he partly blamed himself that he did not see the many-headed monster that Facebook would become. He said that as the social media website grew, the one keyword that kept Mark going was: domination. He opined that, the fear of failure and the responsibility of putting food on the tables of their employees drove them to push ahead.
Liked what you read? Join us on Telegram