What considerations would you have before using machine learning to glean sociocultural insights from your users; and is there an ethical solution to your problem?

Case Study: Youre a product manager for a major social media firm. Youve recently launched your first big project to millions of users: a service that connects people who share niche hobbies and post frequently on social media. However, you observe that most users appear to be white, from the North East united state, and female. You (and your advertisers) had hoped for a more diverse user segment.
Your Head of Engineering suggests applying a newly developed Machine Learning algorithm to determine the race, gender, and potential wealth of your users. This data would be invaluable in helping increase diversity on your platform by telling you who was using it. It would also become a treasure-trove of data for your advertisers, making the feature profitable.
What considerations would you have before using machine learning to glean sociocultural insights from your users; and is there an ethical solution to your problem?

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