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Salesforce exec: There is a 'crisis of trust' in big tech

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Big tech is under the microscope, now that U.S. regulators investigate whether Amazon (AMZN), Apple (AAPL), Facebook (FB), and Google (GOOG) have too much power.

As calls for breaking up these tech titans gain momentum among lawmakers, at least one Silicon Valley insider says “trust” is at the crux of the increased scrutiny.

“I think regulators are really responding to a crisis of trust in the tech industry,” Bret Taylor, president of Salesforce (CRM), told Yahoo Finance’s The First Trade.

Decrease in the public’s trust

Taylor, who is credited with creating the “Like” button at Facebook during his time as the company’s chief technology officer, says he’s seen a decrease in the public’s trust in big tech over the past few years.

Berlin, Germany - March 01: Symbolic photo on the topic of fake news in social media. Next to the 'like me' button from facebook the words 'fake news media' are displayed on a computer screen on March 01, 2019 in Berlin, Germany. (Photo Illustration by Thomas Trutschel/Photothek via Getty Images)
(Photo Illustration by Thomas Trutschel/Photothek via Getty Images)

“Broadly speaking, what I see happening in the marketplace is this theme of trust becoming more important than ever,” Taylor said.

Speaking to Yahoo Finance from the Salesforce developer’s conference in Chicago, Taylor said consumers need to have trust when engaging in platforms like Google and Amazon.

“It comes down to how your data is being used and the transparency around that, and I think it’s up to us in the tech industry to make sure that our platforms are trusted,” he said.

Taylor, who also is the co-creator of Google Maps, says gaining the public’s trust is a “mulit-stakeholder dialogue” that should include not just big tech, but also regulators and our communities. “I do think that it’s really important that we invest in this,” said Taylor.

Alexis Christoforous is co-anchor of Yahoo Finance’s “The First Trade.” Follow her on Twitter @AlexisTVNews.

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