George Soros: Facebook and Google a menace to society
Posted in: Government & Policy at 26/01/2018 23:47
Facebook and Google have become “obstacles to innovation” and are a “menace” to society whose “days are numbered”, said billionaire investor and philanthropist George Soros at the World Economic Forum in Davos on Thursday.
“Mining and oil companies exploit the physical environment; social media companies exploit the social environment,” said the Hungarian-American businessman, according to a transcript of his speech.
Facebook and Google criticised by George Soros
The billionaire investor George Soros has criticised tech "monopolies" such as Facebook and Google, calling them a threat to democracy.
At his annual dinner at the World Economic Forum in Davos, Mr Soros warned that social media platforms were "obstacles to innovation".
He raised concerns about their power to shape people's attentions.
However, he predicted their days were numbered because tax policy and regulation would catch up with them.
Mr Soros also called the Trump administration a "danger to the world", adding that he believed the president would be gone by 2020 "or sooner".
Facebook and Google are doomed, George Soros says
Billionaire philanthropist and leading donor to liberal causes George Soros predicted Thursday that regulation and taxation will soon dethrone Facebook and Google, describing the tech industry's major players as powerful monopolies that harm individuals, market innovation and democracy.
In a wide-ranging, scathing speech delivered at a dinner event at the World Economic Forum in Davos, Switzerland, Soros applauded the European Union's heightened enforcement aimed at Web giants. He also called for greater regulation of the tech companies, seizing on a growing backlash against Silicon Valley.