Social media bans on teens risk strengthening Big Tech's grip on the sector, Bluesky exec warns

Key points

• Government action to ban social media platforms risks strengthening Big Tech's grip on the industry further, limiting access for smaller players, an exec at BlueSky has warned.
• Rose Wang, Bluesky's chief operating officer, told CNBC on the sidelines of SXSW in London on Wednesday that the smaller open-source platform isn't opposed to regulation but that smaller players in the industry should be protected.
• "I support the protection and the safety of youth, the question that we have then is at what cost, because essentially what I'm scared of is in the long term, we're headed to a world where there's about three to five platforms, and extreme heavy regulation of those platforms, and basically the whole compliance teams of these platforms are 10 times the size of our entire team," Wang said.
• "So, basically, we're living in a world where it's almost impossible for smaller entrants to come in and...