LAST week, Facebook filed documents with the government that will allow it to sell shares of stock to the public. It is estimated to be worth at least $75 billion. But unlike other big-ticket corporations, it doesn’t have an inventory of widgets or gadgets, cars or phones. Facebook’s inventory consists of personal data — yours and mine.
Facebook makes money by selling ad space to companies that want to reach us. Advertisers choose key words or details — like relationship status, location, activities, favorite books and employment — and then Facebook runs the ads for the targeted subset of its 845 million users. If you indicate that you like cupcakes, live in a certain neighborhood and have invited friends over, expect an ad from a nearby bakery to appear on your page. The magnitude of online information Facebook has available about each of us for targeted marketing is stunning. In Europe, laws give people the right to know what data companies have about them, but that is not the case in the United States. Full article
The Web is porous. Remarkable information trickles in from everywhere. It also sometimes spills out without its users knowing exactly where or how.