In his introductory remarks at the Big Tech CEOs’ hearing before the House subcommittee on antitrust on July 29 (available to watch here), Facebook founder and CEO Mark Zuckerberg conveniently gave a skewed picture of Facebook’s dominant position. “In many areas, we’re behind our competitors. The most popular messaging service in the US is iMessage. The fastest growing app is TikTok. The most popular app for video is YouTube. The fastest growing ads platform is that of Amazon. The largest ads platform is Google. And for every dollar spent on advertising in the US, less than 25 cents is spent with us.” — Mark Zuckerberg However, this doesn’t take into account Facebook’s incumbent position as the leading social media platform, nor gives Facebook’s market share for advertising. Here are the biggest takeaways from Zuckerberg's hearing: 1. Facebook was a monopoly…
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