He's suggesting that acquisitions aren't happening because of antitrust enforcement. I'm pretty sure that has no bearing on the type of tiny acquisition we're talking about here but then again I don't actually know what I'm talking about.

May I recommend watching: https://www.youtube.com/watch?v=nWcoZVSx1T8, by Thomas Laffont who runs an investment fund.

The FTC is blocking acquisitions, which is one major exit strategy for startups.