Yahoo Finance Salesforce exec: There is a 'crisis of trust' in big tech
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.
“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.
Read more:
Beyond Meat's stock could fall 50%: Strategist
The Raytheon-United Technologies merger is a sign of more defense deals to come
GameStop's stock in free fall 'as business burns to the ground'
Charles Schwab strategist: Recession may be a '2020 event'
Read the latest financial and business news from Yahoo Finance
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit.