Facebook Cofounder-Turned-Critic Chris Hughes Starts $10 Million 'Anti-Monopoly' Fund
Topline: Facebook cofounder Chris Hughes, who has called on regulators to break up Facebook before, is launching a $10 million "anti-monopoly" fund that will fund organizations fighting large corporations and academics researching market power and monopolies.
- The fund is being started by the Economic Security Project, an initiative backed by Hughes that calls for a form of Universal Basic Income, with the "goal of creating fair markets and fostering competition for a 21st century capitalism to work," according to a fact sheet with the announcement.
- Backers include high-profile philanthropy groups including the Ford Foundation, Open Society Foundations, Omidyar Network, Hewlett Foundation, Nathan Cummings Foundation, Knight Foundation, Way to Win and Justice Catalyst.
- Open Society Foundations was founded by liberal mega-donor George Soros, and the Omidyar Network was founded by eBay founder Pierre Omidyar.
- The investments could apply to groups working to combat monopolies in industries other than tech, such as pharmaceutical giants or the agriculture sector, Hughes told the Washington Post.
- The initiative will fund projects until May 2021.
Crucial quote: "We are at a pivotal moment where cultural and political momentum are aligned to rein in the unchecked behavior of Big Tech," said Hughes said in a statement. "In addition to the necessary scrutiny of the tech industry, there is also a need and opportunity to take meaningful action on monopoly power across industries that's led to corporate interests in the driver's seat of our political and economic system for far too long."
Key background: Hughes first came out against Facebook, advocating for its breakup, in an essay published in the New York Times in May. He has since become one of the most prominent tech founders to call for breaking up Big Tech.
News peg: Criticism from Facebook is coming from all sides, with lawmakers from both parties spearheading efforts to investigate whether Facebook should be broken up. For his part, Zuckerberg has vehemently defended Facebook. He would fight any such effort to regulate the company. In particular, Zuckerberg said in leaked internal audio that he would "go to the mat" to fight Elizabeth Warren if she becomes president, the Verge reported earlier this month, because she has proposed to break up Facebook.
What's next: Hughes has not named which organizations would get funding from the initiative yet. But he told the Washington Post it might go to groups that advance privacy legislation or activists like those who fought against Amazon expanding into New York City.
I'm a San Francisco-based reporter covering breaking news at Forbes. Previously, I've reported for USA Today, Business Insider, The San Francisco Business Times and San
More News in Facebook
Global Live Stream Software Market Status and Trend Report 2019-2026 offers a comprehensive analysis on industry, in context with reader's perspective, delivering detailed market data and understanding insights. It additionally provides vital points
When Jennifer Aniston joined Instagram, the volume of people trying to follow her crashed the app. MENLO PARK, Calif. - Jennifer Aniston's debut on Instagram started with a
With more than 2.7 billion active users each month, a team of German researchers at Ruhr-Universität Bochum explored the social media giant Facebook for any correlation between depressive symptoms and Facebook addiction disorder
When Facebook launched the Portal as an attempt to enter the smart display space in direct competition to Amazon's Echo Show and Google's Nest Hub, there were murmurs around how something resembling a digital
The new Facebook Portal is a great deal of fun on the off chance that you have loved ones on WhatsApp and Facebook Messenger who you like to talk with. In any case,
With an improved layout, this year's iteration better mixes into house decors, and using a lesser cost, it is attainable for a broader group of individuals. What it does not do, however, is provide any