Tell us how you really feel, Eric.
Eric Schmidt, former chief executive officer of Google, told a conference in the Wall Street Journal today that “the context of social networks that act as amplifiers for idiots and madmen is not what we intended,” reports Bloomberg News.
Schmidt said the “excesses” of social media would likely lead to more regulation in the coming years. Schmidt, one of the company’s largest shareholders, described the US government’s lawsuit against Google as “out of place,” but added, “If the industry doesn’t really work together smartly, there will be regulation.”
In the US Department of Justice’s antitrust lawsuit, Schmidt claimed the company was not blocking competition.
“I would be careful with these dominance arguments. I just don’t agree with them, ”said Schmidt. “Google’s market share is not 100%.”