Facebook has racked up plenty of milestones in its pioneering journey. Now the social media giant is poised to add one it would doubtless rather avoid: the biggest stock market wipe-out in American history.
Facebook bestrides the Earth. It attracts nearly 1.5 billion users a day, commands a fifth of global online advertising revenue and has a market capitalisation that exceeds the GDP of many countries. But breaking it up is the wrong approach.
You have to give one thing to Facebook: confronted by a torrent of accusations of misbehaviour over the past 12 months, the world’s largest social network has at least made the effort to be conciliatory.
The top US communications union is joining a coalition calling for the Federal Trade Commission to break up Facebook, as the social media company faces growing government scrutiny and public pressure