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.
To translate: “Regulate my competitors, but not me.”
The call was backed by Sir Martin Sorrell, who said the “Seven Sisters” – Apple, Facebook, Amazon, Google, Microsoft, and China’s Alibaba and Tencent – had become too big. Comparing Amazon founder Jeff Bezos to a modern-day John D Rockafeller, the chief executive of WPP, said “we are now in a position where they need to be regulated”.
I buy my adspace from these people. Regulate them!