Backers of a California ballot initiative pushing for consumer privacy protections say the latest issues around privacy and Facebook are an indication that technology companies that collect consumer information need more regulations.
Hedge Fund executive Rick Arney is co-author of the California Consumer Privacy Act of 2018, a measure that would allow consumers to know what personal information companies like Facebook are collecting about them. The measure would also allow consumers to say no to the sale of that information.
"Right now you can't tell companies to stop selling your personal information," Arney says.
Real estate developer Alistair Mctaggart, a major funder of the measure, wrote a letter to Facebook Founder Mark Zuckerberg earlier this week calling on Zuckerberg to support the ballot measure.
"It is time to be honest with Facebook users and shareholders about what information was collected, sold or breached in the Cambridge Analytica debacle," Mctaggart wrote. "And to come clean about the true basis for your opposition to the California Consumer Privacy Act of 2018."