co-founder-turned-critic Chris Hughes is continuing his fight against what he sees as the company's monopoly power, announcing a new $10 million Anti-Monopoly Fund on Thursday., will back existing and new academic research, policy and organizing work concerning market power. The project will extend its focus beyond Facebook and Big Tech to combat market dominance across industries with investments until March 2021.
"We are at a pivotal moment where cultural and political momentum are aligned to rein in the unchecked behavior of Big Tech," Hughes said in a statement alongside the fund's announcement. "In addition to the necessary scrutiny of the tech industry, there is also a need and opportunity to take meaningful action on monopoly power across industries that's led to corporate interests in the driver's seat of our political and economic system for far too long.
Hughes left the company to work for Barack Obama's 2008 presidential campaign and said in the Times piece that he liquidated his Facebook shares in 2012 and no longer owns shares of any social media company. The launch comes as Facebook fields antitrust inquiries from the Federal Trade Commission, the House Judiciary Committee, several state attorneys general and potentially the Department of Justice, which has pledged to conduct a broad review of market power in the tech industry.
It’s gonna take way more money and gumption than that💰
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