Billionaire George Soros, who has accused IT giants Facebook and Google as a threat to everything, is allegedly exploring ways to cope with the growth of their power.
A spokeswoman for one of his influential foundations said that Soros last year donated 180,000 Open Market Institute.
“Open Society Foundations have long worked on issues relating to the free and democratic flow of information and the way in which concentration of power can affect knowledge and communication,” said US Open Society Foundations Laleh Ispahani, US Deputy Program Director.
He added that the recent speech by Soros at the World Economic Forum raised concerns about the impact of several gigantic Internet platforms.
“We definitely are exploring new ways in which we can solve these problems not only in the United States but also among our founders globally.”
Facebook and Google have become an “obstacle to innovation” and are a threat to society, Soros said recently.
As he pointed out, it is unlikely that they will change without some regulation.
George Soros, more precisely his fund, is fast buying shares of Overstock.com, while withdrawing from Facebook.
The Soros Investment Fund has bought a large amount of shares in the aforementioned company, whose price has suddenly jumped in recent days.
Looking at the last year, the value of the shares of this startup rose 200 percent last year after announcing plans to enter the digital sector. Otherwise, the company accepts bitcoin as a means of payment.
At the end of the fourth quarter of 2017, the Fund had 2,472,188 shares in Overstock and was the third largest shareholder.
Let’s remind that somewhere at that time, the Fund sold its stake in Facebook, not long after Soros himself said that social media was a “threat”.
He shares in Netfliks, and Snep, and has increased his share in Twitter. The Soros Fund has bought 1,600 shares of Alfabeta. On the other hand, he sold 45,300 shares of Microsoft.
The Securities and Exchange Commission has announced that it does not comment on what the funds are buying and selling.