Soros Slammed Internet Giant for Monopolizing Public Attention
At this year's Davos forum, the United States billionaire, the "financial giant" and the political activist Soros slammed the Internet giant without any hesitation. Soros said that with Google and Facebook increasing monopoly, "they have become an obstacle to innovation and lead to a variety of problems that we have only just begun to realize." Technology and social media giants such as Google and Facebook are inducing people to abandon "autonomy" and "the power to shape the public's attention is increasingly concentrated in the hands of a handful of businesses." Soros said Google and Facebook "effectively control" over half of the Internet advertising revenue, drawing user's attention to the advertised products. "These businesses say they are just distributors of information, but the fact is that they almost 'monopolize' distributors." Soros said the monopoly holds them "public" and therefore "tougher regulation should be accepted to protect competition, innovation, fairness and openness ..." Soros predicts that with the tightening of tax policy and regulatory regime, these technology giants have "no time". He praised the European Union's antitrust commissioner Margaret Westertag's tax investigation of several major U.S. technology companies.