The U.S. Federal Court has ruled that the Federal Trade Commission and the competition proceedings against Facebook in 40 states did not conclusively show that the company was in fact a monopoly, dismissing state lawsuits and give the FTC 30 days to support its reasoning.
As a result, Facebook shares rose 4%, by pushing over the company ‘s share price the mythical $ 1 trillion barrier for the first time making it a select club member: With a $ 1.01 trillion valuation, the social network now joins Apple ($ 2.25 trillion), Microsoft ($ 2.02 trillion), Amazon ($ 1.74 trillion), and Google ($ 1.67 trillion). trillion dollars).
The technical giants are now the only trillion-dollar companies in the United States (Oil Prime Minister Saudi Aramco is worth $ 1.87 trillion, but it is declining and not listed on the New York Stock Exchange), while other competitors are a respectable distance from the magic figure. In other words, we are at our best Per Espen Stoknes, in his highly recommended bookTomorrow’s economy: A guide to creating healthy green growth”, Refers to the digital and Internet wave that followed electronics, television and aviation (1945–1990), industry (1900–1970), steel, steam and railways (1830–1900), or machining (1760–1830). Each of these waves of innovation made them very rich for the biggest players. The current wave is no exception to this rule.
But the fact that these companies represent another wave of innovation should make us think about the consequences of their dominance: the fact that the technological environment is so highly polarized means that these once innovative companies are now stifling innovation. Thanks to their size and financial strength, they can buy or copy a competition with a touch of innovation in their own sector.
The failure of the authorities to do anything has allowed these companies to become what they are now: pristine monsters who invest millions of dollars in lobbying, bend politicians to their will, and gather lists of hundreds of acquisitions one after another. others, until many small businesses reason to innovate is simply the opportunity to acquire one of these giants.
It is very depressing that the U.S. Federal Court has now ruled that such monopolies are not a problem. Facebook reminds me of Mel Brooks ’Engulf and Devour Ltd.A quiet movie”: Marc Zuckerberg sits at the top of his pyramid, observing in detail the movements of more than two and a half billion people in the world, able to detect even the smallest movement or trend and then either buy any company that can cause competition or simply copy his product as many times as necessary and sometimes even by researching users to better understand its appeal.
In the advanced world of social networks, where one wrong movement can be fatal, Zuckerberg now holds himself above all rules, and would probably make a deal with the devil to himself to hold his position. How a judge might decide that there is not enough evidence that Facebook is a monopoly defies understanding: if it looks like a duck, swims like a duck and blows like a duck, then it is probably a duck. Facebook is not just a monopoly: it is its definition.
Over the years, doing nothing, Washington and Beijing are finally watching Long-term leadership of the European Union trying to regulate the technical giants to bring them under control. Unfortunately, the decision made on Monday seems to show that they have waited too long these large monopolies are now outlawed in every way.