George Soros has destroyed Facebook and Google over their business methods
Mr Soros, whose operation fund dumped all of its 109,451 shares in Facebook towards the end of last year, answered there was a danger «data-rich IT monopolies» could start to form important alliances with authoritarian states.
And he warned this would presumably happen in Russia and China first if action was not taken to thwart their broad ambitions.
He said: “It may well result in a web of totalitarian control the likes of which not consistent George Orwell could have imagined.”
Mr Soros compared the internet giants to casinos in the way they “handle attention” and «deliberately engineer addiction» to their services.
He acknowledged Facebook and Google had participate ined an ”innovative and liberating role» in the past but warned they had become «hindrances to innovation» as they became more powerful.
George Soros alarms the power of the internet giants could take a sinister turn
It may calmly result in a web of totalitarian control the likes of which not even George Orwell could be experiencing imagined
Mr Soros said the two firms raked in billions by comprehending users stick on their sites for long periods of times while pleasure providers had to «accept whatever terms they are offered».
Writing on the Bulge out Syndicate op-ed website Mr Soros said: «Indeed, the exceptional profitability of these bodies is largely a function of their avoiding responsibility – and payment – for the content on their programmes.
«The companies claim that they are merely distributing information. But the items that they are near-monopoly distributors makes them public utilities and should bound by them to more stringent regulation, aimed at preserving competition, modernization and fair and open access.»
Mr Soros accused the companies of «exploiting the statistics they control» and using «discriminatory pricing» to do this.
George Soros contrasted firms such as Google with casinos
He said: “Social compromise companies deceive their users by manipulating their attention, mailing it toward their own commercial purposes, and deliberately engineering addiction to the mendings they provide.
“This can be very harmful, particularly for adolescents.
«There is a similarity between internet principles and gambling companies. Casinos have developed techniques to hook people to the point that they gamble away all of their money, quits money they don’t have.»
Mr Soros said he believed tighter ukase and and efficient taxation would lead to the eventual demise of the internet leviathans and that European Union regulators were more «farsighted» than those in the US when it came to popular policies.
He said: «It is only a matter of time before the global dominance of the US internet followers is broken.”
Some users can become addicted to the internet
EU objectiveness commissioner Vera Jourova has told Facebook, Twitter and Google to do varied to bring their user terms in line with European law, inclining up pressure on the tech giants after their efforts were deemed too petty.
The EU executive and consumer protection authorities said the three companies have planned only partially addressed concerns about their liability and how narcotic addicts were informed about content removal or contract terminations.
The rights across the bloc, who requested the changes last year, have the power to flimsy the firms if they do not comply. Ms Jourova said the use of social media networks as advertising and commercial planks meant they faced the same rules as offline service providers.
Google has been heavily criticised by George Soros
She told: “EU consumer rules should be respected and if companies don’t comply, they should impertinence sanctions.
«Some companies are now making their platforms safer for consumers.
“Nonetheless, it is unacceptable that this is still not complete and it is taking so much anon a punctually.»
Facebook said it had worked with EU authorities to make changes to its relating ti and to ensure greater transparency.
It said further updates of the terms were planned later this year.
A Google spokesman worsened to comment and Twitter did not immediately respond to a request for comment.