George Soros Speaks Out Against Google and Facebook


Source: AP

Billionaire investor George Soros has spoken out against Google and Facebook, calling them a “threat to democracy.”

Soros made the comments during a speech at the World Economic Forum in Davos, where he warned the “tech monopolies” were “obstacles to innovation.”

“I want to spend the bulk of my remaining time on another global problem: the rise and the monopolistic behavior of the giant IT platform companies,” the Hungarian philanthropist said. “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 to which we are only now beginning to become aware.”

“The power to shape people’s attention is increasingly concentrated in the hands of a few people,” Soros warned. “It takes a real effort to assert and defend what Stuart Mill called “the freedom of mind.” Once lost, people who grow up in the digital age will have difficulty in regaining it. This may have far-reaching political consequences.”

Soros urged for more regulatory oversight of the companies, saying, “The internet monopolies have neither the will nor the inclination to protect society against the consequences of their actions. This turns them into a menace and it falls to the regulatory authorities to protect society against them.”