The internet is such a new technology that legislation is still struggling to catch up with it in a lot of ways. The important thing to remember about this technology is that a lot of companies are earning quite a bit of money from it at the end of the day. Because of the fact that their monetization practices, an imbalance has developed whereby some companies have earned much more than others which has allowed them to create monopolies by buying out the competition. A big example of this can be seen with Facebook, which is now the owner of Instagram as well as WhatsApp. Monopolies in Silicon Valley have become such an issue that legislators both in the United States as well as the European Union have discussed introducing legislation that would require big companies such as Google, Amazon and of course Facebook to separate into their various components because these practices are being seen as anti competitive.
The founders of Instagram, perhaps the single biggest picture based social media app in the world, have now weighed in on the matter. Instagram’s sale to Facebook was a big indicator of the times to come, and the founders of the platform, Kevin Systrom and Mike Krieger, initially worked at Facebook after their company had been acquired, managing Instagram for the social media giant. They both left their jobs in September which raised concerns about whether Facebook had created a hostile environment for them to work in, but they both claimed that this was not the case. According to them, the acquisition by Facebook is what allowed Instagram to become as popular as it currently is. They consider breaking up the monopoly to be a mistake.
South by Southwest (SXSW) Event | Photo: Chris Saucedo / Getty Images
Read Next: Survey: Facebook’s Reputation is constantly declining, Apple and Google are also in the list
The founders of Instagram, perhaps the single biggest picture based social media app in the world, have now weighed in on the matter. Instagram’s sale to Facebook was a big indicator of the times to come, and the founders of the platform, Kevin Systrom and Mike Krieger, initially worked at Facebook after their company had been acquired, managing Instagram for the social media giant. They both left their jobs in September which raised concerns about whether Facebook had created a hostile environment for them to work in, but they both claimed that this was not the case. According to them, the acquisition by Facebook is what allowed Instagram to become as popular as it currently is. They consider breaking up the monopoly to be a mistake.
South by Southwest (SXSW) Event | Photo: Chris Saucedo / Getty Images
Read Next: Survey: Facebook’s Reputation is constantly declining, Apple and Google are also in the list
