, 6 tweets, 3 min read Read on Twitter
As my colleagues have noted this article a couple times, a quick fact-check. @superwuster : "Zuckerberg wrote an email when he was acquiring Instagram that was disclosed in the New York Post, and it suggests he was buying Instagram because he saw it as a competitive threat."
Post doesn't have the email; story relies on unnamed sources for email's existence. Its source for the claim "declin[ed] to say whether Facebook CEO Mark Zuckerberg himself had written it." Obv Wu may know more, but Post didn't say what he said it did.
(Bit of gossip that Post missed: they note that chair of FTC at the time of Instagram deal is now a partner at Davis Polk, but not that Facebook is a major client of Davis Polk. Leibowitz presumably walled off, but several DP lawyers now in-house at FB, incl GC Newstead)
This is not fact but a disagreement on law: I don't think a single acquisition of a company that one believes to be a competitor is a Sherman Act violation (which is what would have to be involved for a felony). Clayton Act created bc Sherman didn't really cover M&A.
There's a burgeoning argument by DOJ's top #antitrust economist globalcompetitionreview.com/article/119391… as well as by @theblatt, Hemphill & others that *serial* acquisition is Sec 2 violation, which statutorily can be prosecuted as a felony though hasn't been for decades.
But reading the Sherman Act to prohibit a single acquisition of a competitor would seem to make the Clayton Act unnecessary, and my vague recollection of Legal Methods statutory interpretation is that you're not supposed to read the earlier law to make the later superfluous
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