By Hamza Shaban January 26 at 3:25 PM
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.
"Facebook and Google have grown into ever more powerful monopolies, they have become obstacles to innovation, and they have caused a variety of problems of which we are only now beginning to become aware," he said, according to a transcript of the speech.
Google and Facebook declined to comment.
Soros made the remarks as officials in Washington and industry critics continued to ramp up their scrutiny of the tech sector. That pressure has been directed at a broad array of issues, perhaps most prominently online advertising and the spread of disinformation on popular social media platforms.
In response, Facebook and Google have said they are open to greater government oversight in their ad operations. But Facebook has gone even further in recent weeks, publicly grappling with its role in global society.
Last week Facebook even admitted in a blog post that social media can sometimes harm democracy.
"Soros suggested that American officials draw from their European counterparts, particularly E.U. Competition Commissioner Margrethe Vestager, whom he described as the "nemesis" of American tech monopolies.
Vestager, a former Danish economy minister, and other E.U. officials have recently advanced a host of enforcement actions against prominent U.S. tech companies.
E.U. officials have sued Google over alleged antitrust violations tied to its search engine, its mobile operating system and its ad platform.
In 2016, competition authorities ordered Apple to pay Ireland more than $15 billion in uncollected taxes; and Facebook has been penalized by several privacy watchdogs for breaking data protection rules."
I got a feeling Facebook is going to be Around a lot longer than Soros
#2 | POSTED BY HOMERJ
And google ain't going anywhere either. Nor should it.
This dude is an example of the type of liberalism that couldn't even beat a corrupt candidate like Trump. He needs to STFU.
Google is one of the best examples of free market at work.
Google dominates because it is hands down the best search engine. Yes you could break up google but the consumer would not win. The ad and storage revenue pays for google to remain free to the consumer. If you split up alphabet inc. then google will no longer have the ability to remain free.
Similar arguments could have been made about the railroads, oil, and telephone. Google knows everything about us and can control what we know. Orwellian.
It's only a problem if you have something to hide right visitor?
At least that's what I was told by your fellow right wingers when I cared enough to fight against the patriot act.
got a feeling Facebook is going to be Around a lot longer than Soros #2 | POSTED BY HOMER
Not much of a prediction considering that Soros is from Kissinger's age group of evils.
And I was told by your fellow left wingers that it's ok when the government does it, because we are the government.
What I really think is that we're being played.
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