George Soros is at it again. While he recently denounced social media and referred to it as a ‘menace to society’ he is now investing in several unexpected places.
Soros has scaled back his Google holdings and is now investing in things like Facebook, Spotify, Pandora, and Twitter. While this might not seem strange to most, it does come off as surprising considering the things he has said in the past in regards. Sure, people can have a change of heart but could there be more motive behind this than earnings?
Investing and things of the sort can be confusing and it is without a doubt a game of chance in many aspects. Pulling out of Google more and cutting down on Amazon shares could prove to be a bad decision as time goes on. That being said, only time will tell.
RT reported as follows in regards to what Soros had said:
Just a few months ago, Soros called social media companies a “menace to society” and denounced Facebook and Google for deceiving users by “manipulating their attention and directing it towards their own commercial purposes.”
He also compared social media platforms to casinos that entice customers to gamble away all of their money.
“Something very harmful and maybe irreversible is happening to human attention in our digital age,” Soros said at the World Economic Forum in Davos this January. Social media companies “are inducing people to give up their autonomy,” while the power to shape the public’s attention “is increasingly concentrated in the hands of a few companies,” he added.
Soros Fund Management had reportedly sold off 300,000 Facebook shares in November 2017.
Pandora and Spotify were among his largest new purchases and account for millions as is. Revenue for both is rapidly accelerating. What do you think about all of this? Do you think Soros is working through his dislike of social media to make a buck or do you think that there could be a bigger picture at play?