I a had to assume that they wanted to maintain their monopoly and full control over social media. Mark saw the future. He knew social media is the future of data acquisition which now is like Oil and delicate Natural resources
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Hard to say it is a monopoly since there is YouTube with over 1 billion monthly users and X with over 500 million. Then there are the Chinese apps like TikTok which are widely successful.
Considering that you're very correct 🤔 well thank God it didn't end up a monopoly because we would have seen social media centralized control at its finest