TheNFAPost Podcast

Bengaluru, NFAPost: Amid the hullabaloo over the anti-trust suit filed against tech giant Google, the former CEO Eric Schmidt said that social networks serve as amplifiers for idiots and crazy people.

He went on to warn that “excesses” of social media are likely to result in greater regulation of internet platforms in the coming years. Notably, Schmidt presided over the $1.65 billion deal where Google bought YouTube in 2006.

Schmidt said social media’s “excesses” would likely results in greater regulation in the coming years. One of the company’s largest shareholders, Schmidt called the US government suit against Google “misplaced,” but added, “Unless the industry gets its act together in a really clever way, there will be regulation.”

Blocking competition

Of the US Justice Department antitrust lawsuit, Schmidt claimed the company was not blocking competition. Without knowing who “we” refers to, you might think he’s talking about how the entire tech industry has failed to keep sites like Facebook and Twitter from creating echo chambers and polarizing politics around the world

Schmidt was also asked about the landmark antitrust case Google’s currently facing down with the Department of Justice, and Bloomberg has this gem of a quote:

“I would be careful about these dominance arguments. I just don’t agree with them. Google’s market share is not 100%,” Schmidt said.

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