While most of us were here in Canada last week, George Soros, billionaire andFounder of Soros Fund Management LLC, was over at the the World Economic Forum in Davos, Switzerland. While giving a speak at the annual event he said:
“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,” according to a transcript of the speech.
Facebook, Google, Twitter and other social media sites have become a focal point for officials in Washington as they continue to investigate their possible part Russia-US election meddling, also the onslaught of fake stories that continue bring concerns with advertisers, brands and consumers. Online advertising and the spread of disinformation are just part of the problem, as more leaders are suggesting these sites are a “menace” and dangerous to the fabric of society.
Soros also added, “Social media companies deceive their users by manipulating their attention and directing it towards their own commercial purposes.” “They deliberately engineer addiction to the services they provide.”
Here in Canada it will be interesting to see how Facebook continues to evolve, the company recently appointed its third county manager and we are already starting to see a lot of changes take place.