The United States Senate Committee on Commerce, Science, & Transportation recently published the answers from Mark Zuckerberg, CEO, Facebook, to the questions presented by lawmakers.
The written statement from Zuckerberg covered various issues such as data collection, GDPR, and the role of artificial intelligence on the Facebook platform.
Lawmakers questioned Facebook about the competitors of the company. The question was intended to make the company think whether or not it is a monopoly of the company. While answering this question, the company proclaimed that there are numerous new social media applications emerging every day in Silicon Valley and around the world.
The company proclaimed that top priority and core service of the company is to construct a useful and engaging product that will enable people to connect, discover, and share with the help of mobile phones and private computers. Further, the company asserted that it faces numerous competitors. The company stated that it has to deal with the competition to attract, engage, and retain users.
Facebook also proclaimed that it tackles the issue of attracting and retaining marketers to sustain in the competition. Further, it asserted that the company represents just 6% of $650 Billion global advertising ecosystem. The company proclaimed that big part of their revenue is generated by helping small businesses. Further, it added that the company helped these small businesses to reach a huge number of audiences in a cost-effective way.
When Zuckerberg was asked the same question related to the competitors of the company in April 2018, he had avoided answering the same. After that, various companies such as Google, Apple, Amazon, and Microsoft were listed as the competitors.
On a similar note, recently a Senate appropriations subcommittee approved the financial year 2019 spending bill. It offered $21.3 Billion budget for NASA. This funding included various missions scheduled for cancellation in the budget request of the administration.