This paper explores the tension between privacy and surveillance capitalism and seeks to give explanations why privacy is not effective in limiting the influence of surveillance capitalism on personal autonomy and democracy. The methodology involves a deconstructive reading of the theories of privacy and surveillance capitalism. The analysis finds that there are (I) lacking means to control one’s subjection to data extraction that lead to a loss of privacy and autonomy, (II) social, psychological, or cultural influences determine the conception of privacy, (III) privacy management is individualistic and needs transparency of data-processing to function, and (IV) what constitutes a private situation is dependent on existing norms. The analysis further establishes that the foundation of democracy is at risk when privacy, and as such personal autonomy, are threatened. The analysis utilizes, among others, ideas of Marx and Foucault to explain the weakness of privacy. The findings suggest that the threat posed by surveillance capitalism towards autonomy and democracy should be framed as problem of liberty instead of privacy.