Is It Time to Bust the Social Media Trust? 1/12/18 - A Whittle Bit of Commentary

A Whittle Bit of Commentary with Chad Whittle

Below is a rush transcript (may contain errors):

President Teddy Roosevelt is famously known for “busting the trust” of Standard Oil, among others monopolies that the government forced to break up.

Now in 2018, there probably isn’t an industry that is more dominate, influential, and monopolistic than social media and technology companies.

Facebook has over 2 billion users. Two billion. The population of America is around 300 million. If you throw in the 800 million users that use Instagram that is owned by Facebook, that gives Mark Zuckerburg access to influence the world’s population unlike any company in history.

James O’Keefe dropped a new investigation this week that alleges Twitter censors views and accounts that opposes the Twitter employees politics and the social media website has “shadowed banned” users meaning they have limited the number of people that have see the posts or show them only to the account holder on their account’s page.

And I don’t believe I need to even mention how big Google and Amazon are and Amazon continues to grow. You already know this.

With social media networks and tech companies having so much influence and dominance on what we see and read online, you could make a very good argument that it’s time to bust the social media trust and have the government step in and break up some of these companies. Facebook is the Standard Oil of social media, and if I worked for the government, I’d make them sale off Instagram.

Personally, I’d rather the government not step in and break up these companies, Trump is floating an internet tax that’s aimed at Amazon, but instead of government regulation and taxes, I’d rather see the free market solve the problem, which is always best, and have some competitors rise up to these online outlets and give them some competition, which would actually make Facebook and the others better because competition would make them have to provide a better user experience than they do now.

Creating a competitor to Facebook is easier said than done, but one day, maybe soon, someone will create a new social network that will offer Facebook and the others competition. If you don’t believe me, just ask MySpace about Facebook.

I’m Chad Whittle on A Whittle Bit of Commentary.

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Posted on January 11, 2018 .