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Also to add, this fine is concerned with the EU. I'm not sure why we care how much money Meta makes in other regions. EU accounts for about 25% of their revenue
by anpe 3y ago
Also to add, this fine is concerned with the EU. I'm not sure why we care how much money Meta makes in other regions. EU accounts for about 25% of their revenue [1]. So in terms of yearly net income it then gets closer to about 15%. Again, the job of EU is to regulate businesses in the EU and not the rest of the world.
[1] https://businessquant.com/facebook-revenue-by-region https://businessquant.com/facebook-revenue-by-region
- arlcode 3y agoThe GDPR allows for fines based on global revenue to prevent companies playing games with where there income is "technically" generated.
- bboygravity 3y agoSounds to me like a clever EU work-around to force Meta to pay taxes over its EU revenue :p This "fine" just feels like "cost of doing business in the EU" to me...
- johannes1234321 3y agoThey got 5 months to fix the issues. So after 5 months they can collect a bigger fine ... and then 5 months later again, with three increasing charges within 12 months it's more notable. Ok, realistically it's unlikely to happen exactly that way, ...
- pyrale 3y agoFortunately, we can count on FB to move fast and break this hazard much faster than that.
- nirimda 3y agoWell, companies are known for organising their affairs to avoid taxes. I suppose they can organise their affairs to avoid fines as well.
- jtode 3y agoI am SO glad I was not taking a sip of my very hot coffee when I read this.
- tchaffee 3y agoThey broke a law that violates basic human rights. Privacy is important to EU citizens, and unlike the US they largely enjoy that right thanks to laws which are enforced. Nothing to do with taxes.
- Capricorn2481 3y agoA lot of EU countries are also in "big eyes" esque spying agreements. The occasional story of a privacy law being enforced doesn't change that
- tchaffee 3y agoFacebook is not the government so even if what you say is true, it's really off-topic. Being protected from businesses violating your privacy is a good thing.
- Capricorn2481 3y agoIt's not off topic. You said: > unlike the US they largely enjoy that right thanks to laws which are enforced This is categorically not true.
- bcrosby95 3y agoThe reason why Facebook transferring data to the US is illegal in the EU is because its spy agencies and law enforcement can force them to turn over data. It's not off topic at all.
- smoldesu 3y agoAnd the United States can't? Facebook is part of PRISM, and they are incorporated in America. They are arguably in a more compromised state when operating domestically than abroad.
- bcrosby95 3y agoThat's not the argument I would go with, but you could. I would argue that the EU has more oversight into its spy agencies and can reign them in if wrongdoing comes to light, whereas they have little to no control over those in the US.
- beefield 3y agoSometimes I wonder why there are so many people advocating three strike and out laws, but never against corporations. Would be interesting if the third fine would be so large that shareholders are wiped out and debt holders are left with scraps.