Chairman Cicilline, Ranking Member Sensenbrenner, and members of the Subcommittee, thank you for the opportunity to be here today. I’d also like to thank your staff for their professionalism and courtesy in working with our team over the course of your investigation.
Facebook supports its mission of connecting people around the world by selling ads, and we face significant competition. We compete against the companies appearing at this hearing, plus many others that sell advertising and connect people. We also compete globally, including against companies that have access to markets that we aren’t in.
We built these new products and services because the intense competitive pressures we face push us to experiment with new ideas. We are always working to develop technologies that will change how people connect and communicate in the future, and we invest around $10 billion per year in research and development. We know that if we don’t constantly keep improving, we will fall behind.
People, nonprofits and verified Pages can collect donations from their friends and supporters on Facebook, and so far our community has raised more than $3 billion. To take just one example, the nonprofit No Kid Hungry has raised over $5 million from more than 200,000 donors to help feed children across the United States. We also invest in our communities, and have committed to making over $1 billion in investments in Black and diverse suppliers and communities in the US.
These benefits came about as a result of our acquisition of those companies, and would not have happened had we not made those acquisitions. We have developed new products for Instagram and WhatsApp, and we have learned from those companies to bring new ideas to Facebook. The end result is better services that provide more value to people and advertisers, which is a core goal of Facebook’s acquisition strategy.
We connect people to authoritative health information and we’re taking aggressive steps to stop Covid19-related misinformation and harmful content from spreading. In January, we started displaying educational pop-ups in Facebook and Instagram connecting people to authoritative Covid-19-related information from organizations including the CDC, regional health authorities, and the WHO.
The opening arguments are all about how big all of their markets are. From an anti-trust perspective: the bigger the market, the lower the chance of being dominant. Though Bezo seems to be half way through his autobiography.
P.S. Any questions about today’s hearing or specifics you want us to recap afterward? Drop them below👇
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