Facebook's Zuckerberg to defend company before U.S. Congress by listing competitors


© Reuters. FILE PHOTO: Facebook Chairman and CEO Zuckerberg testifies at a House Financial Services Committee hearing in Washington

By David Shepardson and Nandita Bose

WASHINGTON (Reuters) – Facebook Inc ‘s (O:) chief executive, Mark Zuckerberg, will defend the social media company before a congressional hearing on Wednesday by saying it faces intense competition, justifying its acquisitions and pointing to China’s growth as an internet superpower.

Zuckerberg’s written testimony, made public on Tuesday, argues that the social media company became successful “the American way, by starting out with nothing and providing products that people find valuable.

“We compete against the companies appearing at this hearing, plus many others that sell advertising and connect people. We also compete globally, including against companies that have access to markets that we aren’t in,” Zuckerberg will tell a panel of lawmakers investigating how its business practices and data gathering have hurt smaller rivals.

Also testifying are the CEOs of Amazon.com Inc (O:), Alphabet Inc’s Google (O:) and Apple Inc (NASDAQ:) . https://reut.rs/2DhrEFT

Zuckerberg will also defend Facebook’s acquisitions by saying the social-media platform helped companies like WhatsApp and Instagram grow. Both are owned by Facebook.

He will also remind lawmakers of the competitive threat U.S. tech companies face from China, saying the Asian country is building its “own version of the internet focused on very different ideas, and they are exporting their vision to other countries.”

Zuckerberg also renewed Facebook’s call for government regulation. He has previously called for more laws in areas where the company has been criticized – such as harmful content in social media, election integrity and privacy.

READ  Vertex deal with Wales expands cystic fibrosis treatment coverage to all of UK
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here