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Why I’m Industry Agnostic
Dispute with UK competition watchdog offered a near-perfect illustration of corporate arrogance
Contain your excitement over Facebook’s possible renaming of itself for the coming age of “the metaverse”, and consider Wednesday’s other story about the social media group. Facebook’s quarrel with the UK competition watchdog offered a near-perfect illustration of corporate arrogance and entitlement in action.
The case is extraordinary for the fact that the stakes were so low: Facebook’s $400m (£290m) purchase last year of Giphy, a software firm that specialises in Gifs, the essential visual aid for social media meme-peddlers, can barely have registered on Mark Zuckerberg’s radar. The purchase price equated to less than 0.5% of Facebook’s global revenues.
