> Facebook was Facebook on that budget not long ago.
Facebook was Facebook, but it wasn't Facebook+Whatsapp+Instagram, and "mergers and acquisitions that substantially reduce market competition" have been impermissible under the US anti-trust law for over 100 years, since the Clayton Act, and I'm not sure you need more than that.
To deal with that, the legal system needs to define market & dominance. The "markets" FB is dominating are far squishier and unstable than the markets of 100 years ago. The market for coal or steel or intercontinental shipping are easy to define. Photo sharing? Social Networking?
How do you define competitiveness. What effect does FB's dominance of photo sharing have on consumer prices? Barriers to entry? Anyone can launch a chat or photo sharing app. Substitutes? Plenty. Those are the types of questions the old laws and precedents will try to deal with. It's like an alien biologist trying to prod orifices that we don't have.
How does this harm consumers or the economy? The economics underlying the legal framework are just as outdated. They're looking for prices and outputs and stuff that FB doesn't have.
Facebook was Facebook, but it wasn't Facebook+Whatsapp+Instagram, and "mergers and acquisitions that substantially reduce market competition" have been impermissible under the US anti-trust law for over 100 years, since the Clayton Act, and I'm not sure you need more than that.