This article contrasts two reform proposals articulated in recent debates about how to democratize the digital economy: data-owning democracy and digital socialism. A data-owning democracy is a political-economic regime characterized by the widespread distribution of data as capital among citizens, whereas digital socialism entails the social ownership of productive assets in the digital economy and popular control over digital services. The article argues that while a degree of complementarity exists between the two, there are important limitations to theories of data-owning (...) democracy that have not yet received significant attention within the literature. The bulk of the article highlights three ways in which digital socialists would consider a data-owning democracy to fall short of achieving a more just digital economy: a lack of workplace democracy, limitations in terms of scope, and a lack of democratic control over long-term investment decisions in new technology. The article thus contributes to determining what is at stake in recent debates about how to democratize the digital economy. (shrink)