World must ‘wake up to threat from tech giants’

DAVOS/SWITZERLAND, 24JAN13 - Marc R. Benioff, Chairman and Chief Executive Officer, Salesforce.com, USA; Young Global Leader Alumnus gestures while speaking during the session 'Enterprise Dynamism - Unleashing Entrepreneurial Innovation' at the Annual Meeting 2013 of the World Economic Forum in Davos, Switzerland, January 24, 2013. Copyright by World Economic Forum swiss-image.ch/Photo Moritz Hager

The Telegraph | Jan. 24, 2018

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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.

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