By Jeff Horwitz

Mark Zuckerberg called Facebook's acquisition of Instagram "an American success story," as House Judiciary Chairman Jerry Nadler pushed him on emails in which Mr. Zuckerberg acknowledged that an independent Instagram posed a threat to Facebook.

A 2012 email from Mr. Zuckerberg said the company was "buying time" by acquiring Instagram, allowing it to incorporate the company's technology in an effort to get a head start over other potential competitors.

Mr. Zuckerberg said that Instagram was a competitor in "a subset of the overall space of connecting that we exist in," but said that the Federal Trade Commission had been aware of Facebook's motivations at the time of the acquisition and had approved it anyway.

Mr. Zuckerberg also said that Instagram itself wasn't a clear winner when Facebook bought it.

"It was not a guarantee that Instagram would succeed," he said. "They want from being a competitor in the space of being a mobile camera to being an app we can help grow."

Facebook bought Instagram for $1 billion in cash and stock in 2012.

Write to Jeff Horwitz at jeff.horwitz@wsj.com

(END) Dow Jones Newswires

July 29, 2020 15:29 ET (19:29 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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