The billionaire investor George Soros, 87-year-old , has criticised Facebook and Google calling them a threat to democracy during his annual dinner at the World Economic Forum in Davos. He warned that social media platforms are "obstacles to innovation". But he predicted their days were numbered because tax policy and regulation would catch up with them.
"There is a possibility that once lost, people who grow up in the digital age will have difficulty in regaining it," Mr. Soros warned. He criticised Trump administration naming it a "danger to the world", adding that he believes the president would be gone by 2020 "or sooner". "The power to shape people's attention is increasingly concentrated in the hands of a few companies," Mr Soros told assembled guests. He manifested strongest criticism for what he called the "unprecedented and transformative" effects of large internet firms. Facebook declined to comment, while Google did not immediately return a request for comment.
Mr Soros said the EU, which has no internet giants of its own, was best placed to "protect society against them." Mr Soros, a Holocaust survivor, opened his speech by disclosing that he found the current moment in history "rather painful", due to various forms of dictatorships and mafia states. As of December 2017, Soros had a net worth of $8 billion, after donating $18 billion to his philanthropic agency, Open Society Foundations.