PM tells investors: Punish net giants who won’t clean up act

WEALTHY investors should pull the plug on social media firms that refuse to clean up their act, Theresa May will say today.

In a keynote speech in Davos, she will accuse internet giants of ‘standing by’ while their platforms are used to spread vile content. Mrs May will say investors can play a ‘vital role’ in using their financial muscle to pile pressure on firms like Google, Facebook and Twitter.

She will highlight a recent case where a group of US investors, including pension funds, demanded Facebook and Twitter release more information about the sexual harassment, fake news and hate speech published on their platforms.

Addressing investors at the World Economic Forum in Switzerland, the PM will say: ‘Investors can make a big difference here by ensuring trust and safety issues are being properly considered. And I urge them to do so.’

Mrs May will acknowledge that the social media giants have made some progress since they were warned by world leaders they could face swingeing fines.

But she will add: ‘Technology companies still need to go further in stepping up to their responsibilities for dealing with harmful and illegal online activity. These companies simply cannot stand by while their platforms are used to facilitate child abuse, modern slavery or the spreading of terrorist and extremist content.’

Government sources said the appeal was designed to put ‘additional pressure’ on tech giants. The threat of new laws remains if they fail to accelerate action.