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World must ‘wake up to threat from tech giants’

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London Telegraph
January 24, 2018

Silicon Valley billionaire Marc Benioff has compared the current crisis of trust facing the tech giants to the financial crisis of a decade ago, urging regulators to wake up to the threat from Google, Facebook, and the other dominant firms.

The outspoken entrepreneur accused some of the industry’s most influential bosses of “abdicating responsibility” and being ignorant to how powerful and sophisticated they had become. Regulators now had “have no choice” but to intervene, he said.

“We are in a new world. A decade ago, you had the banks talking about collaterised debt obligations and credit default swaps, saying they were great for the economy but regulators weren’t paying attention. The government needs to come in and point ‘True North’,” Mr Benioff said at a panel session at the World Economic Forum in Davos, Switzerland.

Mr Benioff, founder and boss of cloud computing firm Salesforce, pointed to the way the tobacco industry and food producers had become more highly regulated. “There are a lots of examples from other industries,” he said.

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This article was posted: Wednesday, January 24, 2018 at 9:43 am





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