Investment mogul George Soros predicts the end of Facebook, Google
- Author: Desiree Holland Jan 27, 2018,
Jan 27, 2018, 18:53
Soros compared the social media and tech platforms to gambling companies and denounced the "addiction" they form as "harmful", especially to the young. During the 2016 election cycle, according to OpenSecrets.org, Soros Fund Management donated more than ten million dollars to Hillary Clinton's campaign.
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Public criticism of Facebook Inc (NASDAQ:FB) and its effects on society continued to grow this week, with an investing legend joining the rising chorus of influential figures to rail against the social media behemoth.
However, his most controversial comments focused on President Trump, saying he believes his administration is "a danger to the world".
Soros has been a consistent critic of Trump who is also in Davos, the first USA president to attend since Bill Clinton in 2000. The billionaire then directly called out tech companies Google and Facebook saying, "As 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".More news: Sanchez Undergoing Manchester United Medical Now, Unveiling 'Likely On Tuesday'
"This enhances their profitability even further - but the bundling of services and discriminatory pricing undermine the efficiency of the market economy".
"They deliberately engineer addiction to the services they provide", which is harmful particularly for children, he said.
Close relationships between technology monopolies and authoritarian states is "an alarming prospect", he said, which could "bring together nascent systems of corporate surveillance with an already developed system of state-sponsored surveillance". Another disturbing possibility was that US tech companies would "compromise themselves in order to gain entrance to these vast and fast-growing markets". He praised European Union Competition Commissioner Margrethe Vestager for the EU's direction on monopoly policy as well as the strengthening on its privacy and data laws, declaring her the "nemesis" of the tech titans.
It's only a matter of time before the global dominance of these monopolies is broken and "Davos is a good place to announce that their days are numbered", he said.