Big tech is becoming a big problem, according Roger McNamee, an early investor in Facebook and mentor to CEO Mark Zuckerberg, who told FOX Business on Thursday regulation is merited for a healthy U.S. economy.
This comes as the European Union is reportedly planning to impose an $11 billion penalty on Google over abuse of market dominance, the Financial Times said.
But in McNamee’s opinion Amazon and Facebook should also face significant regulatory intervention.
“It’s really important that we have some threat of regulation because the companies have done a terrible job at self-regulation,” he said to Maria Bartiromo on “Mornings with Maria.” “They have been given all the room in the world and yet we’ve clearly seen one disaster after another.”
As a result, he said, regulators are appropriately worried that the entrepreneurial economy in the U.S. is being stifled.
“These guys are blocking the new startups from getting going-they are really limiting the rate of innovation in this country,” he said. “And that’s not the American way.”