Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

News Corp Chairman Rupert Murdoch takes swings at Google, Facebook

Published 11/17/2021, 06:32 PM
Updated 11/17/2021, 06:35 PM
© Reuters. FILE PHOTO: News Corp CEO Rupert Murdoch delivers remarks at an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst
GOOGL
-
NWSA
-
META
-
GOOG
-

By Dawn Chmielewski and Helen Coster

(Reuters) - Rupert Murdoch renewed his attacks on Google and Facebook (NASDAQ:FB) during News Corp’s annual shareholder meeting on Wednesday, accusing the tech giants of trying to silence conservative voices and calling for "significant reform."

The Silicon Valley companies are favorite targets for Murdoch, 90, who for years has criticized Google for taking the publisher's news articles without compensation and Facebook with failing to adequately reward publishers. The public flogging continued, despite News Corp (NASDAQ:NWSA) winning concessions from both companies, which earlier this year agreed to pay for the publisher’s content in Australia.

"For many years our company has been leading the global debate about Big Digital," said Murdoch. "What we have seen in the past few weeks about the practices at Facebook and Google surely reinforces the need for significant reform."

Murdoch accused Facebook’s employees of trying to silence conservative voices, and noted "a similar pattern of selectivity" in Google’s search results. But according to data from Facebook-owned analytics firm CrowdTangle, posts from conservative personalities such as Dan Bongino and Ben Shapiro routinely rank among the most popular on the platform.

Further, the media mogul cited a lawsuit, filed last year by 10 state attorneys general, accusing Google of monopolizing the digital ad market and allegedly working with Facebook to manipulate online auctions where advertisers buy and sell ad space.

"Let us be very clear about the consequences of that digital ad market manipulation," said Murdoch. "Obviously, publishers have been materially damaged, but companies have also been overcharged for their advertising, and consumers have thus paid too much for products."

Representatives for Alphabet (NASDAQ:GOOGL) Inc's Google and Meta Platforms Inc's Facebook could not immediately be reached for comment.

Murdoch called for algorithmic transparency -- echoing debate in Congress in the wake of Facebook whistleblower Frances Haugen’s disclosures about the social network’s business practices.

"The idea falsely promoted by the platforms that algorithms are somehow objective and solely scientific is complete nonsense," Murdoch asserted. "Algorithms are subjective and they can be manipulated by people to kill competition, damage other people, publishers and businesses."

© Reuters. FILE PHOTO: News Corp CEO Rupert Murdoch delivers remarks at an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst

Murdoch also called on former U.S. President Trump, who published an Oct. 27 letter to the editor in the Wall Street Journal repeating the false claim that the 2021 presidential election was rigged, to move beyond the past in the service of American conservatives.

"The past is the past and the country is now in a contest to define the future," Murdoch said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.