Tech giants had an awesome time in 2017 where major players like Alphabet, Facebook, Amazon, and Apple had strong earnings and also experienced a significant rise in their stock prices. However, last year was also plagued by issues regarding trust in this multi-billion dollar industry. Consumers raised concerns about Facebook and its affiliates not dealing with adverts that were backed by Moscow on its platform. Apple performed a software update that led to the slowing down of older gadgets while YouTube displayed ads that could only be classified as inappropriate content for mainstream media.
Moreover, there are worries regarding a continuous loss of jobs due to increased automation in the tech industry. The big companies in the tech industry are trending on a rocky ground and this year is set to have the most valuable companies in the world become extremely careful with what they give to their consumers or risk losing their market share as the tech-lash continues to rise. George Soros, who is a leading billionaire and investor has said that tech companies are a menace and that their days are numbered. For instance, during the third and fourth quarters of 2017, Facebook saw a decline in the number of users checked their social media feeds and timelines on a daily basis in both Canada and the United States.
According to CNBC, such a consequence is a clear indication that giants in the tech industry risk losing their consumer base who helped propel them too much greater heights in the first place. For the tech industry to redeem itself, there are two major paths to avoid the mess. The first one is for the tech firms to move quickly to address the user’s trust issues by putting up incentives for self-regulation. Secondly, the government can chip in to help the industry which contributed revenue worth billions of dollars each year by passing legislation that will ensure that users are protected and that tech corporations play by the rules of the game.
Marc Benioff, the chief executive for Salesforce said that the government should regulate social media the same way it regulates sugar or healthcare adding that it has become very addictive to the 21st-century user. Benioff said that social media and tech industry is the same as any other industry in the economy such as consumer product goods and financial services and the government should get involved sufficiently. He added that although there is some sought of regulation in the i9ndustry, the government should commit to doing more to protect the user.