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Jim Cramer says Facebook shouldn’t be broken up

Jim Cramer


Jim Cramer says Facebook shouldn’t be broken up


Facebook’s co-founder Chris Hughes called for the company to be broken up in a New York Times op-ed Thursday, saying CEO Mark Zuckerberg’s power has become too vast.

According to CNBC’s Jim Cramer, that’s not a move that even the president best known for smashing monopolies like the Standard Oil Company would make.

“I don’t think TR would break up Facebook,” Cramer said on “Squawk on the Street,” referring to former President Theodore Roosevelt, whose administration was known for its strong enforcement of antitrust measures.

“For a long time all we cared about was that foreign companies were killing us,” Cramer said. “So then we suddenly have these fabulous companies that are really dominant, and now we have to worry that our own dominant companies are killing us? Shouldn’t we be proud?”

In his op-ed, Hughes argued that Zuckerberg now has “unilateral control over speech” and the company’s strategy of acquiring and copying other businesses that could potentially compete with it has kept the social media landscape free from real threats to Facebook.

Cramer refuted the idea that Facebook is a monopoly that needs to be broken up, arguing that users can log off any time they’d like.

“In the end, this is a social media site,” Cramer said. “It’s not the American party like the Communist Party or the Soviet Union, I mean it’s a darn social media site.”

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Watch: Facebook co-founder Chris Hughes calls for the breakup of the company


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