Tim Klapdor discusses the history and impact of social media. He notes that while the web was originally meant to be open and free, social media platforms have led to the "enclosure" of the digital world through their acquisition of user data and control of information flows. This digital enclosure has created new vectoralist and hacker classes that extract value from users. Major social media companies own little assets but have achieved huge valuations by accumulating and monetizing user data and social graphs without users fully understanding how their digital identities and relationships are being defined and exploited.