The Facebook co-founder Chris Hughes lays out why we all should benefit from the profits produced by our data
Nearly every moment of our lives, we’re producing data about ourselves that companies profit from. Our smartwatches know when we wake up, Alexa listens to our private conversations, our phones track where we go, Google knows what we email and search, Facebook knows what we share with friends, and our loyalty cards remember what we buy. We share all this data about ourselves because we like the services these companies provide, and business leaders tell us we must to make it possible for those services to be cheap or free.
Facebook’s business has relied on the trade of data for free service since we started it in our dorm room nearly 15 years ago, but it’s taken the Cambridge Analytica scandal to educate many users about just how this works. Just like many other business leaders, Mark Zuckerberg describes this as a win-win – people stay in touch with friends and family more often through a free service, and businesses can more efficiently spend marketing dollars to fuel corporate profits, making Facebook free to all. But one party has benefited a lot more than anyone else: Facebook shareholders. Despite all the recent controversy, Facebook is still valued at nearly $500bn.
from US news | The Guardian https://ift.tt/2JwQDmz
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