There's definitely an anti-trust dimension here, but it's not related to first mover advantage; Facebook wasn't nearly the first mover, or due to capital; Faceb

There's definitely an anti-trust dimension here, but it's not related to first mover advantage; Facebook wasn't nearly the first mover, or due to capital; Facebook was somewhat widely thought to have over-paid for Instgram, it was Zuck's foresight (or perhaps risk aversion) that gave him the conviction to proceed with the transaction.