Smartphones, social media are harmful to children's development, Bill Gates believes

Microsoft co-founder and former CEO Bill Gates has expressed concern about the impact of smartphones and social media on the development of today's children, reports CNBC.

He shared his thoughts on how modern technology can hinder the development of deep thinking in a child, which, in his opinion, has become a key factor in his success.

Gates said he isn't sure he'd be a billionaire if he'd grown up like kids today—distracted by smartphones and social media. According to him, the time he spent as a child hanging out with friends, exploring the outside world, reading for hours, and thinking deeply in his room have helped him build a company that is now valued at $3.26 trillion.

Gates referred his audience to New York University social psychologist Jonathan Haidt's book, The Anxious Generation, which argues that widespread access to smartphones and social media has contributed considerably to the current mental health crisis among young people, as well as increased levels of loneliness and depression among Generation Z.

Throughout his career, the billionaire often attributed his success to the habit of reading and the ability to isolate himself. In the 1990s, the CEO of Microsoft even retreated to a cabin, with a large bag of books and technical documents, calling it "Think Week." During these periods, Gates was "committed to uninterrupted concentration."