Adam Ford said a "practical duopoly on information" held by the two firms was one of the reasons he relinquished his role at the Christian satire news website.
In a statement posted on his website, the Christian entrepreneur said: "I fully realise that a major reason the Bee was able to blow up like it did was because of social media - Facebook in particular...
"But the power that Facebook held over me as a content creator began to make me very uneasy.
"Facebook will gladly give you the opportunity for your content to go viral on their massive platform.
"But then, if it does... You have to conform to their rules and their worldview, and jump through every hoop they put in front of you, if you want to remain a successful content creator."
"This takes us into the bigger and scarier picture, which is that Facebook and Google have a practical duopoly on information.
"The web is where everyone gets information about everything, and they literally control what information the world sees."
Earlier this year, Facebook apologised for threatening to impose controls on The Babylon Bee after it was accused of spreading false information.
Mr Ford announced that fellow Christian businessman Seth Dillon has become the new majority owner of the Babylon Bee, while head writer Kyle Mann has taken up the roles of full-time editor and publisher.
He went on to say: "As a follower of Christ, I am primarily concerned with glorifying God, loving my neighbour, and spreading the gospel.
"I've thought about this deeply and carefully, and I think the centralisation of the internet is one of the greatest threats to the spread of the gospel, and the well-being of mankind, that we face today."
Mr Ford said the decision will also allow him to devote more time to a Christian news aggregate service he created and publishing his web comic.
Mr Ford explained how The Babylon Bee had become "way bigger than me" and that he "didn't want to hire people".
He continued: "Even though it was my project, I sometimes felt like I was holding the Bee back."
"I hate the attention that comes with the Bee," he added.
Premier has contacted Facebook and Google for a comment.
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