Ron Paul: Social Media Companies Are Big For Wrong Reasons

Author:
Publish date:
Video Duration:
0

(Kitco News) -- Unlike Steven Mnuchin, the U.S. Secretary of the Treasury, former congressman Ron Paul isn't against Big Tech, but said it is mostly an issue "when bigness comes from benefits from government."

"Yes, they're too big, but I don't think I approach it the same way [Mnuchin] does, because I think if a company is big because it produces a product and the people like it and they reward that company, and even if it gets very big, there's nothing wrong with that," Paul told Kitco News. "Some of the [social media companies] are big because they've had advantages from the government."

Paul noted that while some tech companies are big because of government help, that still doesn't warrant a breakup of these companies.

"Why are [tech companies] big? Under these circumstances, I see the social media companies having had benefits early on and they continue. They're an arm of the government.

They provide a lot of information to the government and I think that's what has to be changed, not just the idea of breakup," he said.

RelatedWhy Jim Cramer Thinks the Government's on the Wrong Side of the Big Tech Debate

Watch more on Kitco News

Shark Tank Star Kevin O'Leary: U.S. Economy Too Strong to Crumble Now

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.