The world’s largest social media platform enjoys immense network effect as it gains tighter hold over users and advertisers alike

SINGAPORE (Jan 23): Facebook is a runaway success story. However, the downside is that tech giants like Facebook are viewed as exerting undue influence on culture, the economy and people’s daily lives. None other than Bill Gates, co-founder of Microsoft and one of the world’s richest men, said in June last year at The Economic Club forum in Washington DC that it’s time for government to step in and regulate big tech companies.

Moreover, in the past few years, Facebook has been rocked by a series of privacy scandals, and regulators are mulling over whether to take action on the spread of fake news through Facebook. “There will be more regulation of the tech sector. For example, regulation that relates to privacy. The way people consume media has brought it into a realm where we should shape it so that the benefits outweigh the negatives,” Gates said.

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