|Expense ratio (net)||1.20%|
|Last cap gain||0.00|
|Morningstar risk rating||Below average|
|Beta (5Y monthly)||1.13|
|5y average return||N/A|
|Average for category||N/A|
|Inception date||01 June 2004|
Think the government's antitrust suit against Google will stop Big Tech? Think again.
(Bloomberg) -- Former Google Chief Executive Officer Eric Schmidt said the “excesses” of social media are likely to result in greater regulation of internet platforms in the coming years.Schmidt, who left the board of Google’s parent Alphabet Inc. in 2019 but is still one of its largest shareholders, said the antitrust lawsuit the U.S. government filed against the company on Tuesday was misplaced, but that more regulation may be in order for social networks in general.“The context of social networks serving as amplifiers for idiots and crazy people is not what we intended,” Schmidt said at a virtual conference hosted by the Wall Street Journal on Wednesday. “Unless the industry gets its act together in a really clever way, there will be regulation.”Google’s YouTube has tried to decrease the spread of misinformation and lies about Covid-19 and U.S. politics over the last year, with mixed results. Facebook Inc. and Twitter Inc. have also been under fire in recent years for allowing racist and discriminatory messages to spread online.Schmidt also argued Google’s massive search business -- the target of the U.S. Department of Justice’s antitrust suit -- continues to be so successful because people choose it over competitors, not because it uses its size to block smaller rivals.“I would be careful about these dominance arguments. I just don’t agree with them,” Schmidt said. “Google’s market share is not 100%.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Microsoft Corp., which in June announced a plan to double the number of Black managers and leaders at the company, released new annual diversity data today that show the company still struggling to meaningfully increase Black and Latino representation in its workforce.The software maker said it increased the proportion of both groups by 0.3 percentage points in the past year, with Black workers rising to 4.9% of its U.S. workforce and Latino employees increasing to 6.6%. The U.S. Census Bureau estimates each group accounts for more than 13% of the country’s population. “Racial and ethnic minority communities have largely seen incremental progress and there is still much work to be done,” wrote Chief Diversity Officer Lindsay-Rae McIntyre in a blog post. The percentage of women in the company’s global workforce rose slightly to 28.6%.Read more: From Apple to Facebook, Tech’s New Diversity Pledges Follow Years of FailureBlack and Latino workers are even more poorly represented in management roles, with Black employees making up between 2.6% and 3.7% of the people at various levels of manager and executive. For Latino employees, those numbers range between 3.3% and 5.4%. In the past year, two Black vice presidents — Marc Brown and Kevin Dallas — left the company, in Brown’s case last week. So did one of the company’s most senior women, Peggy Johnson, who departed to become Chief Executive Officer of Magic Leap.The low level of representation is why Microsoft announced $150 million in additional funding for its diversity initiatives and a program that looks to double the number of Black managers, senior leaders and senior contributors by 2025, changes made in the wake of a focus on diversity and social justice after the death of George Floyd at the hands of police. The company has said it will expand its leadership development program to more Black employees at lower rungs of its management structure in order to prepare them for advancement. It will also strengthen measures to hold vice presidents and general managers accountable for diversity goals when determining compensation and promotions. Microsoft’s new programs have provoked scrutiny from the U.S. Labor Department, which is asking how those efforts comply with laws limiting the consideration of race in employment.Microsoft also released data on the number of employees who identify as disabled, putting that at 6.1% of its U.S. workforce. See more: How Diverse are America’s Biggest Companies(Updates to show why Microsoft increased funding in fourth paragraph. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.