What’s an oligarch to do? The putative tech masters of the universe now face unprecedented criticism from both left and right. The reasons extend from wanton privacy invasions of the people once described by Facebook’s Mark Zuckerberg as “dumb f***ks” to President Trump’s typically hyperbolic assaults on Amazon’s success at tax avoidance.
The public so far still does not disdain the tech oligarchs as they do Wall Street or energy firm but they are clearly threatened, both politically and in their wallets. Their once seemingly unstoppable hold of the capital markets also has started to slip somewhat as investors begin to worry about a potential decline in social media as well as technical failures undermining the value of companies like Uber, Tesla and Snapchat.
Not that the oligarchs will change their ways without coercion. Mark Zuckerberg, amid the uproar, still seems determined to block privacy protections in California or elsewhere. Facebook’s arrogance has even incited tension between the tech overlords, with Apple’s Tim Cook assaulting Mark Zuckerberg for privacy violations. The fact that Cook did this in Beijing, world capital of advanced surveillance, makes the public spanking ever more bizarre.
We need some antitrust enforcement.