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Report: Facebook co-founder setting up $10M 'anti-monopoly' fund

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Report: Facebook co-founder setting up $10M 'anti-monopoly' fund

Facebook Inc. co-founder Chris Hughes and the Economic Security Project organization are preparing to roll out a $10 million "anti-monopoly" fund today, The Washington Post reported Oct. 17.

Hughes, who also co-chairs the Economic Security Project organization, said the motive behind setting up this fund is to highlight the competition and "move the issue from the margins to the mainstream."

The fund is being backed by a number of philanthropies, including the George Soros-financed Open Society Foundations and the Omidyar Network. The fund will invest in projects until March 2021, including academic researchers studying mergers and market power, policy advocates pursuing new rules to rein in tech and other industries, and grassroots groups.