Silicon Valley Veteran States Tech Giants ‘More Effective Than AT&T Ever Was’

LAGUNA BEACH, Calif., Oct 18 (Reuters) – Two of the technology industry’s leading start-up financiers took to the stage at a conference on Wednesday to decry the power that companies such as Facebook Inc had generated and call for a redistribution

of wealth.Bill Maris, who established Alphabet Inc’s endeavor capital arm and now runs endeavor fund Area 32, and Sam Altman, president of start-up accelerator Y Combinator, said extensive discontent over earnings inequality helped elect U.S. President Donald Trump and had actually put rich innovation companies in the crosshairs.

“I do understand that the tech backlash is going to be strong,” stated Altman. “We have increasingly more focused power and wealth.”

‘s U.S. presidential election is an example of the immense power the social networks business has actually amassed, the investors said.”The business that used to be fun and disruptive and intriguing and humane are now interrupting our elections,” Maris said.Altman said people”are understandably uneasy with that.”Altman, who unquestionably rebuffed rumors that he would run for governor of California next year,

said he expects more demands from both the public and policy makers on data privacy, limiting exactly what individual info Facebook and others can collect.Maris said regulators would have good cause to break up the huge technology business.”These companies are more powerful than AT&T ever was, “he said.Facebook said last month it had discovered an operation likely based in Russia that spent$100,000 on political advertisements and produced 470 fake accounts and pages that spread polarizing views on political and

social issues.Altman and Maris provided few details of the best ways to accomplish a redistribution of

wealth. Maris proposed shorter term limits for elected authorities and simplifying the tax code. Altman has actually promoted basic income, a poverty-fighting proposition in which all citizens would receive a regular, unconditional amount of loan from the federal government.(Reporting by Heather Somerville; modifying by Jonathan Weber and David Gregorio)