Insta
Tech Regulation ‘Inevitable’, Free Market Isn’t Working, Says Apple CEO Tim Cook
Swarajya Staff
Nov 19, 2018, 06:12 PM | Updated 06:12 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In an interview with news website Axios, Apple chief executive officer Tim Cook has predicted that new regulations on technology companies and social networks to protect personal data is now "inevitable".
Cook said he expected the United States Congress to take up the matter at the earliest.
“Generally speaking, I am not a big fan of regulation," Cook said in the interview. "I'm a big believer in the free market. But we have to admit when the free market is not working. And it hasn't worked here. I think it's inevitable that there will be some level of regulation," Cook added. "I think the Congress and the administration at some point will pass something."
Cook admitted that despite surging revenue and profits, Silicon Valley is in a newly humbled posture after a year of rising global scepticism.
Cook also argued that tech companies should embrace the coming regulations. "This is not a matter of privacy versus profits, or privacy versus technical innovation. That's a false choice.”
While acknowledging the Silicon Valley's male-dominated innovation culture, Cook said that tech generally has been strong on diversity, and that he is optimistic that there will be marked improvement over time.
“I agree 100 percent from a gender point of view that the Valley has missed it, and tech in general has missed it," he said.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.