Ex-Google CEO Eric Schmidt: “Social Networks Serving As Amplifiers For Idiots And Crazy People"

Former Google Chief Executive Officer Eric Schmidtsaid today at a Wall Street Journal conference that “the context of social networks serving as amplifiers for idiots and crazy people is not what we intended,” reports Bloomberg News.

Schmidt said social media’s “excesses” would likely results in greater regulation in the coming years. One of the company’s largest shareholders, Schmidt called the US government suit against Google “misplaced,” but added, “Unless the industry gets its act together in a really clever way, there will be regulation.”

Of the US Justice Department antitrust lawsuit, Schmidt claimed the company was not blocking competition.

“I would be careful about these dominance arguments. I just don’t agree with them,” Schmidt said. “Google’s market share is not 100%.”

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