Regulation of tech companies is coming, Apple Inc. Chief Executive Tim Cook says, because the free market “is not working.”
“Generally speaking, I am not a big fan of regulation,” Cook told Axios in an interview for “Axios on HBO,” airing Sunday night, but “I think the Congress and the administration at some point will pass something,” And Cook said tech companies should not be afraid of regulations.
“This is not a matter of privacy versus profits, or privacy versus technical innovation. That’s a false choice,” he said.
Cook told Axios that while he believes technology is not inherently good or bad, companies must be aware that their products can be misused.
He also said that while Silicon Valley has embraced diversity in general, it “has missed it” when it comes to closing the gender gap.
Apple shares AAPL, -1.02% are up 14% year to date, compared to a nearly 3% gain for the Dow Jones Industrial Average DJIA, +0.49% , of which it is a component.