Facebook CEO Zuckerberg testifies before FTC, says 'committed to cooperating'

During the Federal Trade Commission queries held remotely on August 20, Facebook CEO Mark Zuckerberg said that he was committed to cooperating with the US FTC’s inquiry and answering the questions the agency may have, a Facebook spokesperson mentioned, according to reports. However, Facebook declined to substantiate whether or not Zuckerberg gave a testimony, adding, that its executives were fielding all questions related to the antitrust fact-finding mission. The FTC investigation, however, might not lead to a legal lawsuit against Zuckerberg, confirmed reports. 

Earlier, last month, the US legislators questioned the 4 big tech CEOs Facebook’s Mark Zuckerberg, Amazon’s Jeff Bezos, Google’s Sundar Pichai, and Apple’s Tim Cook at a hearing of the House Judiciary subcommittee on antitrust, according to reports. It also probed the business practices of the Silicon Valley giants. Amid the strict interrogation and interruptions owing to the suspicion, the lawmaker determined whether the businesses needed more regulations in the nearly four hours of testimony.

"Whether they control access to information or to a marketplace, these platforms have the incentive and ability to exploit this power, panel’s chairman", Rep. David Cicilline, a Rhode Island Democrat was quoted saying by AP.

"They can charge exorbitant fees, impose oppressive contracts, and extract valuable data from the people and businesses that rely on them. Simply put: They have too much power", he added.

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CEOs testified on the screens

While most members were physically present in the committee room with masks on, the CEOs testified on the screens in a virtual address. US congressional antitrust committee was quoted saying that the tech giants were powerful and would emerge from the aftermath of the COVID-19’s economic turmoil. House Judiciary Antitrust subcommittee chair David Cicilline reportedly stated that these companies simply had “too much power”. Although the FTC and state attorneys might not take necessary legal action against Zuckerberg, incase of testimony, they might not flinch from building a case around lack of regulations against the social network. Additionally, in July, Zuckerberg testified before the congressional House panel for Facebook’s acquisitions of Instagram and WhatsApp. 

[Rep. Jim Jordan, R-Ohio, listens during a House Judiciary subcommittee hearing on antitrust on Capitol Hill in July. Credit: AP]

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(With AP Inputs)

(Image Credit: AP)