Former Facebook executive says Google, Facebook are ‘surveillance states’ and risk more regulation

  • Even though he was once an executive at Facebook, Chamath Palihapitiya, CEO of Social Capital Hedosophia Holdings, favors investing in Amazon instead, he told CNBC’s “Fast Money: Halftime Report” on Thursday.
  • But Palihapitiya said he thinks that Facebook and Google face more regulatory risk, given the many retailers that compete with Amazon.
  • “Amazon is a microscopic portion of global consumption today, so ultimately I think it has more room to grow before it invites regulatory overview,” Palihapitiya said.
  • Palihapitiya noted that many big technology companies have seen their stocks soar, making it tempting to take gains.
  • But with tools like Alexa, robots and cloud, Amazon’s technology could lead it to victory over “laggard competitors,” Palihapitiya said.

Chamath Palihapitiya’s holding company, which also includes former Twitter executive Adam Bain, hit the public markets on Thursday.
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