Big Tech Purge May Be Good For US And The World
© Provided by HillToday's headlines point to harsh realities for Big Tech: the Twitter riot; fall into meta; atrophy in the alphabet; Correction on Amazon. Layoffs, inventory cuts, and price cuts characterize this period.
A major technological disruption is happening right before our eyes.
While the drop in technology was unexpected, it wasn't completely undesirable.
Some might even find it entertaining.
No one, not even investors, shed a tear for the tech sector.
After a decade of bull runs, now comes a recession, a breakdown, a setback. After all, irrational excitement can only last a moment.
Investment analysts advise caution. Large-cap stocks S&P are relieved to know that they are not alone in this slump. Sadness likes to be accompanied.
Congress, the FTC, and the DOJ have been big tech giants for years but never pulled the trigger.
The wind can move.
Arrival in Washington may be slow, but it happened. The new congress should focus on the well-documented missteps of Amazon, Google, Meta, and Twitter. That would be an indication of initiative by House Republicans.
We're sick of our data being unprotected and our privacy not being respected, and we'd be better off if Big Tech went bankrupt. Ecclesiastes reminds us that for everything there is a time and a time. Tech's punishment is long overdue.
For many, Big Tech has become intolerable, using its wealth to block legislation, regulation, and reform. Silicon Valley does not tolerate the Washington Convention and believes that the federal government is brave. His enlightened elitism, complacency, and unabashed privilege have plagued Washington for years. This too may end.
The recent drop in major tech stocks and the demise of their leading company suggests it's time to take a break
This can be a turning point for the country as social, economic and security issues are seen from a new perspective.
Policymakers can be wiser than dogmatic when tackling the full spectrum of technology policy issues. Their previous adherence to the art order can now be checked and reversed.
All in all, these developments are good not only for Americans, but for the world as well. They enable industry to redefine today's economic realities and reshape C-suite leadership for the workforce of tomorrow.
Of course, losing money is not a good thing for investors, both retail and institutional. A lot of 401,000 funds have shrunk before our eyes. But stock prices are an indicator of technical problems. Although larger social problems are temporary, they cannot be ignored. Political expression and child protection are significant issues, as are privacy, cybersecurity, and industry discrimination.
This is evidenced by Elon Musk's advice on content moderation – a noble idea but difficult to implement fairly and effectively. Meth's ethical issues are no longer a campus secret among acquaintances. All of these issues need to be resolved, and quickly.
A clear view will allow us to take the Big Technology for what it is - warts and all. Although it has transformed the modern world economy, it is no longer the mainstay of growth. The social impacts - good and bad - are unquestionable, but the economic benefits must be questioned.
As energy and transportation stocks rise, some question the viability of big tech companies as medium-term growth engines.
While rumors of the demise of the technology may be premature, it is not too early to chart a more responsible direction for the future, including genuine cooperation with European and US regulators on key issues.
We would all be better off over the death of Big Tech, if only to deny what has become mainstream.
Adonis Hoffman is CEO of The Advisory Counsel, Inc. He is the former Chief of Staff and General Counsel of the FCC and has served in legislative and policy positions in the United States House of Representatives. He is also an assistant professor at Georgetown University.
Watch The Hill for the latest news, weather, sports and streaming videos.
