Soros Rips Facebook, Google at Davos

Soros Rips Facebook, Google at Davos”

Billionaire businessman, George Soros, called out the Trump administration for being a "danger to the world".

You can read a transcript of Soros' full remarks at Davos here. "That turns them into a menace and it falls to the regulatory authorities to protect society against them", Soros said.

Soros has been a consistent critic of Trump who is also in Davos, the first USA president to attend since Bill Clinton in 2000.

"Indeed, the United States is set on a course towards nuclear war by refusing to accept that [North] Korea has become a nuclear power", Soros declared, CNBC reported. Soros compared social media to gambling's addictive qualities, noting Facebook uses similar techniques to casinos, luring people in and enticing them to spend more and more time with them.

Soros said he saw the current US president as a "temporary phenomenon" who would disappear by 2020, if not earlier.

"They deliberately engineer addiction to the services they provide", Soros said in a speech in Davos, Switzerland on Thursday. "This can be very harmful, particularly for adolescents".

As the industry changes, a new business model at social media companies is emerging based not only on advertising revenue but on selling products to users, Soros said. "The fact that they are near-monopoly distributors makes them public utilities and should subject them to more stringent regulations, aimed at preserving competition, innovation, and fair and open universal access", said Soros. The business magnate believes US internet-service companies are already tempted to give into the demand of authoritarian states in order to gain access to their markets.

Speaking at the World Economic Forum on Thursday night, Soros warned that escalating tensions between the US and North Korea now pose an existential threat to the current world order, and argued that the world must now accept North Korea as a nuclear power to prevent armageddon for the rest of the world.

"This may well result in a web of totalitarian control the likes of which not even Aldous Huxley or George Orwell could have imagined", he said.

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

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