During a recent speech, Facebook co-founder Eduardo Saverin stated that Facebook and other social media platforms will face regulation in the future — claiming it is a question of “what type” of regulation, not “if” the Masters of the Universe will be regulated.
Bloomberg reports that speaking at the Bloomberg Sooner Than You Think technology summit in Singapore, Facebook co-founder Eduardo Saverin warned that social media will soon face government regulation. Speaking only hours after Facebook COO Sheryl Sandberg testified before the Senate, Saverin discussed the issue of regulation stating: “It’s not a question of if, it’s a question of the type of regulation.”
Saverin left Facebook after a falling out with CEO Mark Zuckerberg, a sequence of events that was popularly dramatized in the 2010 film The Social Network. Saverin now lives in Singapore, where he invests in startups through the investment firm B Capital. During his speech, Saverin stated: “It’s difficult to see a company that’s so close to my heart going through a point of public scrutiny. I have tremendous faith in Mark and the team that he’s built around him and, frankly, the intentions that Facebook was born out of from day one.”
Saverin also discussed the current business landscape in the tech world. Saverin moved to Singapore in 2009, partly due to the lack of venture capital funding available in India: “Dynamics of Southeast Asia are incredibly exciting,” he stated. “You have the largest single growth of internet connection happening in this area.”
Saverin also predicts that social media networks are beginning to pop up around specific communities, citing the example of Fishbrain, a mobile-based social network for anglers. “It let me go back to my childhood and do a little bit of fishing,” he said. “Is it monetizable? Is it a large market? Is there actual benefit? I think the answer is yes with respect to fishing. It fits in every single criteria.” Saverin seems to believe that with more social networks appearing based around specific communities, larger social networks like Facebook will suffer.
Facebook COO Sheryl Sandberg appeared before U.S. Congress yesterday alongside Twitter CEO Jack Dorsey to discuss their platforms. Watch the full livestream of the event here.