Mark Zuckerberg, the CEO of Meta, reportedly hoped to avoid an antitrust lawsuit trial by offering to settle with the Federal Trade Commission for $450 million rather than $30 billion - and wanted his ally President Donald Trump to help.
In March, the Facebook founder called the head of the FTC to see if he could work out a deal to avoid a trial over what the FTC alleges was a breach of antitrust laws when it acquired Instagram and WhatsApp, according to a Wall Street Journal report.
Zuckerberg reportedly offered $450 million, though the FTC wanted $30 billion.
Having met with Trump at Mar-a-Lago in November, donating $1 million to Trump’s inaugural fund and axing policies at Meta that did not align with Trump’s agenda, Zuckerberg was hopeful Trump would support the company’s offer.
The tech billionaire had also met with Trump administration officials at the White House in February and March, seemingly to lobby them to support the company’s deal.
But the offer did not impress the FTC, even after Meta upped it to $1 billion before the trial. On Tuesday, Zuckerberg took the stand in the historic trial that could force the company to sell Instagram and WhatsApp as he fights the lawsuit - that could end with him being forced to sell some apps.
The Independent has reached out to Meta for comment.
During the March call, Zuckerberg expressed confidence to the FTC that Trump would support him, people familiar with the matter told the Journal.
FTC Chair Andrew Ferguson refused to settle for anything less than $18 billion and a consent decree. The two sides attempted to negotiate a settlement. Meta reportedly offered to change some of its policies. The FTC asked for $30 billion.
It’s unclear if Trump supported Meta’s $450 million offer, but those familiar with the matter told the Journal that the president was open to striking a deal with the tech company.
Ultimately, Ferguson, White House officials and Justice Department officials in the antitrust division convinced the president to allow the FTC’s lawsuit against Meta to move forward to trial.
Former FTC chair Lina Khan called Meta’s $450 million offer “delusional” to the Journal.
“Mark bought his way out of competing, so I’m not surprised that he thinks he can buy his way out of law enforcement, too,” Khan added.
The FTC’s lawsuit against Meta alleges the company had accumulated monopoly power through anti-competitive behavior since Facebook purchased Instagram and WhatsApp in 2012 and 2014, respectively.
Starmer warned children will be at risk if he agrees US free speech demands
What is happening to Social Security under Trump as Biden condemns president’s plans
Service members killed in ‘civilian vehicle’ near southern border
Scramble underway to stop Trump tariffs hitting Britain’s pharmaceutical industry
Inside Musk’s plan to make a ‘legion’ of babies and get to Mars to save civilization
Gene Hackman’s ‘rodent-infested home’ was covered in loose items and food
