GM) could be if its steel, their rubber, their glass were free,” Robert Shapiro said on Yahoo Finance’s YFi PM.’ data-reactid=”19″>“Imagine how profitable General Motors (GM) could be if its steel, their rubber, their glass were free,” Robert Shapiro said on Yahoo Finance’s YFi PM.
worth almost $200 billion.‘ data-reactid=”22″>According to Sonecon’s research, by 2022, that data would be worth almost $200 billion.
“We’re talking about the value of $120 per person,” Shapiro said.“If you have 3 people in your household on the internet, you’re talking about nearly $400 a year.”
Shapiro told Yahoo Finance these companies are the most profitable and largest companies in the economy, and tech revenue is highly dependent on user data. And those companies are very good at gathering data.
“Don’t forget, everything you do on your cell phone, everything on every app on your cellphone is being captured in order to create these enormously detailed profiles of everyone,” he said.
Thiel argument honed in on the fact that China is not shy about their desire to dominate and exploit technology — but Shapiro said U.S. tech giants are basically doing the same.
“What Google and Facebook and every other large platform are doing today is actually the same thing as the Chinese government,” he said.
“They are collecting thousands and thousands… of files of personal information on everyone who uses the internet,” Shapiro added. “The Chinese government does it more directly.”
There is a bi-partisan Senate bill attempting to force big tech companies to report the value of each user on an individual basis, as well as showing what data has been collected.
Grete Suarez is producer at Yahoo Finance for YFi PM and The Ticker. Follow her on Twitter: @GreteSuarez‘ data-reactid=”48″>Grete Suarez is producer at Yahoo Finance for YFi PM and The Ticker. Follow her on Twitter: @GreteSuarez