Big Tech Companies are US based Silicon Valley tech companies that are apparently too big for their own good. Companies like Google, Amazon, Facebook have come under scrutiny for being too big and are thus being told to diversify under federal laws. In the United States, regulators had a lawsuit on Facebook last week for illegally squashing competition, and Google had to face an anti-trust lawsuit in October. In China, the government has begun to clamp down on local tech giants like Alibaba. Australia, India, and Brazil are among others debating new regulations.
These regulations mainly stem from the fact that social media has become much more aggressive and vocal over the years regarding privacy and the selling of data to consumers. One must understand that if a product is free, then there is a high chance that you might end up becoming the product. What this entails is the fact that as social media progresses and becomes free, companies start tracking your data and try collecting every bit of information they can on you by using sophisticated AI algorithms.
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The advantage or the use of this is that theta particularly data can then be sold to companies who wish to advertise on their platform. As they have an untapped view into your interests and likes they can then have a targeted ad campaign that will only be then shown to people who might have a chance in buying their product or service. In turn, this means that there is a guaranteed chance of them getting that item while also tapping almost 2 billion accounts who are already registered on Big Tech sites. Since there is a guaranteed chance of someone recognizing and purchasing that service, that data is almost invaluable.
However, with the selling of this data, comes the introduction of Privacy laws in the EU who wish to stop these companies from snooping in on a user’s data without letting anyone know about it. Therefore, it makes sense for Privacy Laws to take the center stage in the current talks being done in the EU.