In the landmark antitrust case, tech executives have harked back to a Silicon Valley age when social apps like Facebook, Path, Orkut and Google Plus boomed.

The most telling moment of the U.S. antitrust trial against Meta so far came halfway through more than 10 hours of testimony from Mark Zuckerberg, the company’s chief executive.

On the witness stand last week, Mr. Zuckerberg, who founded Facebook and later renamed his company Meta, was asked by government lawyers to watch a seven-minute video of an interview he gave at a tech conference more than a decade ago. With his brow furrowed and eyes scrunched, the 40-year-old tech billionaire watched his 28-year-old self describe how the world of 2012 had “really underestimated” his company.

Back then, smartphones were a burgeoning computing platform rather than the dominant one. Facebook was still primarily used on desktop computers, and Mr. Zuckerberg’s social network was at risk of losing

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