“While people are concerned with the size and power of tech companies, there’s also a concern in the United States with the size and power of Chinese companies, and the realization that those companies are not going to be broken up.”— Sheryl Sandberg, speaking to CNBC
Where Sandberg will struggle with this is that Facebook might end up arguing against its future self. The company’s newest initiatives (payments being the biggest) come straight from the playbook of WeChat, the Chinese platform that makes accusations that Facebook is a “monopoly” look laughable.
Meanwhile, the fastest growing social media app of the past year in the US has been TikTok, a company now owned by China’s Bytedance. Millions of teens are obsessed with it, and political content is starting to make its mark. Where will the accountability come from? I can’t imagine Congress will be too successful in tempting Chinese executives to hearings.