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Powerful monopolies an obstacle to innovation

George Soros expects regulatory troubles for Google & Facebook

Posted on Saturday, 03 February 2018. Posted in Publishing . Written by IPP Desk

George Soros expects regulatory troubles for Google & Facebook Billionaire investor George Soros

Billionaire donor to liberal causes George Soros, is not optimistic about the Facebook and Google revenues as they will have to dodge increasing scrutiny of tax authorities and even legislators. Speaking on 25 January at the World Economic Forum in Davos, Soros said that regulation and taxation will get the better of the two internet giants, Bloomberg reported. The Internet giants have been under regulatory pressure in Europe and face increasing scrutiny in the US, although Soros acknowledged that the European and U.S. climates differ.

“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,” he said, according to a transcript of the speech. European Union officials have sued Google over alleged antitrust violations. In 2016, EU authorities ordered Apple to pay Ireland more than US$ 15 billion in uncollected taxes. Facebook has been fined in Europe on privacy and data protection rules.

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