In the technology markets, we went through a couple of decades where we saw over 800 acquisitions by the five big players, not a single one of which was blocked, and some of those we realized ended up leading to significant harm.
Khan acknowledged Facebook's purchase of messaging app WhatsApp in 2014 for $19 billion as one example, highlighting how these large acquisitions have stripped privacy protections for Americans.
The FTC initially sued Facebook in 2020, accusing the company of anticompetitive practices related to its acquisitions, but the case faced hurdles, indicating the complexities involved in antitrust enforcement.
Khan emphasized that allowing such a high volume of acquisitions without adequate scrutiny has resulted in a substantial loss of privacy and competition, underscoring the need for stronger antitrust measures.
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