President Michael D Higgins has said that it is "absurd to look for the richest person or group" and to hand them the authority for responsible communication.
His comments come after he recently described the purchase of Twitter by tech billionaire Elon Musk as "the manifestation of an incredible and dangerous narcissism".
Asked about the comments, he said a concentration of ownership is "an absurd form of dictatorship".
Speaking on the Late Late Show on RTÉ One, President Higgins said that in relation to newspapers, "you had a kind of a code and understanding as to what is legitimate comment and so forth, and if that was breached, how it could be handled".
"Then you get the development of social media," he said.
"Why would anyone say that those who can concentrate the greatest ownership should be the people who would decide how people should deal with each other in communication?
"It is such an absurd form of dictatorship in a way."
President Higgins added that "you don't have to be a mad left-wing person to believe that".
"it's just about democracy," he said.