Facebook and Google have changed the world with the way they allow people to communicate and access information so quickly. They have grown to become two of the largest companies in the world. They are also two of the most powerful. There are some people who would like to see their power severely limited. The companies have been at the center of controversy in recent weeks. Facebook revealed that hundreds of accounts were created by a network of people in Russia for the sole purpose of buying ads during the American election. Facebook has so far refused to reveal which ads they have confirmed were bought using fake accounts. However, they have come under enormous public pressure to share this information.
This incident is a key example of why there are many people who are in favor of having Facebook and Google regulated in the same manner as the utility companies. Facebook and Google are such a huge part of the daily dealings of millions of people and thousands of businesses. Therefore, people believe that the power they have should be scrutinized by the government. They should not be allowed to simply make decisions that impact millions of people on their own.
Chamath Palihapitiya was one of the first executives at Facebook. He has since gone on to become the Chief Executive Officer of Social Capital. He specializes in investing in startups. He gave an interview recently where he advised against investing in Google and Facebook because he believes that government regulation is imminent for both companies. He does not think it is a good idea to have money invested in companies that are going to have tight restrictions placed upon them in the near future. He thinks that Amazon is a much safer investment because there is little risk of that company being regulated any time soon.
It remains to be seen if the United States government will make any moves to regulate one or both of the tech giants. Their cooperation with several ongoing investigations will go a long way towards preventing the government from stepping in. However, it will probably happen if both companies continue to hide key pieces of information. The impact that regulating both of these companies will have on the general public is unknown at this time. It will depend on what type of restrictions are placed on the companies if regulation does indeed take place.