Former Google Chief Executive Officer Eric Schmidt said the “excesses” of social media are likely to result in greater regulation of internet platforms in the coming years.
Schmidt, who left the board of Google’s parent Alphabet Inc. in 2019 but is still one of its largest shareholders, said the antitrust lawsuit the U.S. government filed against the company on Tuesday was misplaced, but that more regulation may be in order for social networks in general.
“The context of social networks serving as amplifiers for idiots and crazy people is not what we intended,” Schmidt said at a virtual conference hosted by the Wall Street Journal on Wednesday. “Unless the industry gets its act together in a really clever way, there will be regulation.”
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