Is Silicon Valley Becoming More Like Wall Street?

Published September 3rd, 2018 - 01:42 GMT
Silicon Valley is a region in the southern San Francisco Bay Area of Northern California, which serves as the global center for high technology. (Shutterstock/FilePhoto)
Silicon Valley is a region in the southern San Francisco Bay Area of Northern California, which serves as the global center for high technology. (Shutterstock/FilePhoto)

The US capital of technology and a hub for the world’s most valuable tech companies; including Apple, Facebook, Google, Uber and many others, seems to be facing uncertain times as a result of its very success.

Experts have been arguing over the future of the valley. On the political side, they are facing accusations of controlling social media platforms via an institutional bias against conservatives and Republicans in the US.

As a result of this, executives from three of the major tech companies, Facebook, Google and Twitter are due to appear before Congress on Wednesday to testify about their role in protecting the integrity of November’s midterm elections.

However, Senators have said that Google’s chair might be left empty in a move that highlights the lawmakers’ growing dissatisfaction with the company.

On the economic side, Silicon Valley’s Bay Area had more residents leaving the area, for reasons like the pollution, the increasing number of residents and the lack of opportunities they are finding especially with the dominance of the giant tech companies which is making it harder for young startups to raise capital and attract workers.

Some people attributed the large number of residents leaving to Trump’s immigration policies that are hurting the economy and business growth.

Silicon Valley’s troubles were highlighted by the Economist with their week cover reading: “Peak Valley, why startups are going elsewhere.”

Other reports highlighted how the buildings that surround Facebook headquarters in the Bay Area have been witnessing a huge rise in rents which left people with no other choice except leaving the area.

Could Silicon Valley become just like the Wall Street?


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