Tackling Big Tech's data
In a rare bipartisan effort, US Democratic and Republican senators are set to introduce proposed legislation that would require Big Tech firms such as Facebook and Google to disclose the value of user data.
The bill would require the annual disclosure to the SEC of the aggregate value of all of users' data, with the report also needing to contain details of contracts with third parties, how revenue is generated by user data, and data protection measures.
"These companies take enormous, enormous amounts of data about us... People don't realise.,one, how much data is being collected; and two, they don't realise how much that data is worth,” senator Mark Warner tells Axios.
He reckons an individual's data may have a value of around $5 a month.