George Soros Just Launched A Scathing Attack On Google And Facebook

George Soros Just Launched A Scathing Attack On Google And Facebook

Billionaire financier and liberal philanthropist George Soros did not mince in his speech Friday at the World Economic Forum in Davos.

"I consider the Trump administration a danger to the world", the billionaire investor said in a speech from Davos, Switzerland.

Soros argues that "internet monopolies have neither the will nor the inclination to protect society against the consequences of their actions" and that profit-seeking often leads them into casino-like schemes which "hook gamblers to the point where they gamble away all their money, even money they don't have". This time a year ago, Soros called Trump a "would-be dictator" and predicted that he would fail. Soros also hit out at Russian President Vladimir Putin, whom he referred to as a "dictator".

"Social media companies deceive their users by manipulating their attention and directing it towards their own commercial purposes".

Furthermore, the magnate has also taken aim at tech giants, namely advocating stricter regulation for Google and Facebook.

Soros claimed that because the tech giants were "near-monopoly distributors", this made public utilities and as such should subject them to more stringent regulation aimed at preserving competition and innovation.

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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".

During a dinner with journalists at the World Economic Forum taking place in Davos, Switzerland, the tycoon lashed out against the power of the USA technology companies, which he accused of putting "obstacles to innovation" and of being a "threat to democracy".

A Reuters Institute for the Study of Journalism report revealed earlier this month that 44 per cent of publishers are more anxious about tech companies compared to the year before.

Soros's first major political involvement was in funding groups blocking the re-election bid of George W Bush in 2004. The money manager warned that they exploit the data they control, bundle services and use "discriminatory pricing", which enhances their profitability but undermines "the efficiency of the market economy", he said.

The EU "is in danger of abandoning its values", Soros continued, under pressure from Poland and Hungary who are "adamantly opposed to the values in which the EU is based", and the rise of anti-EU parties elsewhere.

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