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Investing.com -- The Meta Platforms (NASDAQ:META) antitrust trial kicked off this week. New revelations show that founder and CEO Mark Zuckerberg offered multiple times to settle the case before it hit the courtroom.
According to the Wall Street Journal, in late March, Zuckerberg personally reached out to FTC Chairman Andrew Ferguson with a $450 million settlement proposal. This amount was significantly lower than the $30 billion the FTC had initially demanded and was deemed insufficient considering the value of Instagram and WhatsApp, the acquisitions at the center of the antitrust allegations.
Zuckerberg’s confidence in securing support from President Trump did not sway the FTC’s decision. Meta, previously known as Facebook, has seen its founder forge closer relationships with Trump, including a $1 million donation to his inauguration and a $25 million lawsuit settlement. These actions were part of Zuckerberg’s broader strategy to gain favor and potentially influence the outcome of the monopoly lawsuit.
Despite increasing the settlement offer to nearly $1 billion and intensifying lobbying efforts, the FTC remained firm, seeking at least $18 billion and a consent decree to conclude the matter. As a result, Zuckerberg found himself compelled to testify at the trial.
The FTC’s decision to proceed with the trial underscores the regulator’s commitment to holding the social media giant accountable. Zuckerberg’s testimony, which lasted four hours, marked a pivotal moment in the high-profile case, reflecting the FTC’s resolve to pursue a substantial resolution.
Today, at the trial, it was revealed that in 2018, Meta considered an Instagram spin-off because the site’s growth was eroding Facebook’s edge.
Yesterday, it was revealed that in 2013, Meta was prepared to buy Snap for $6 billion.