Submitted by bubblehack3r t3_z6wlur in technology
gapchuboy t1_iy3fpe2 wrote
So peanuts from meta, right? They are burning more than that themselves in zucks toy VR weekly.
driatic t1_iy4208e wrote
And literally no consequences in the US.
HereToDoThingz t1_iy4biiy wrote
Yeah just shows how old and decrepit our politicians are. They're so far behind on meaningful legislation and just touch dicks about the economy all day. Shit like this needs to be regulated and not just by California.
Prodigy195 t1_iy4lzo1 wrote
Not just old and decrepit, bought and paid for.
Even if they understood privacy, data, tech to the level of an expert computer scientist it wouldn't matter when they get paid bank to not do anything about it.
paceminterris t1_iy5v3ta wrote
It's not because they're old. It's because they're paid to look the other way.
explision t1_iy4h00k wrote
Good old patriot act
PanJaszczurka t1_iy452fs wrote
I saw that someone use new measurement of burning money in Theranos per month.
AnBearna t1_iy47n0l wrote
Thunderf00t I think.
Jernsaxe t1_iy5fiy4 wrote
Fines are a cost of doing business for large companies. Until executives get jail time this will never stop.
That being said the fines EU are giving out does have some substance and hopefully in the future breaking EU law will be expensive enough that companies have to change their ways.
Way-Reasonable t1_iy4jvft wrote
One meeelllllion dollars /Dr Evil
TheCosmicJester t1_iy787nh wrote
Meta’s 2021 revenue was $117.929 billion. Proportionally speaking, this is like a US household that makes the median household income of about $70,000 getting fined $165.
shoobiedoobie t1_iy7jerf wrote
Not exactly, because their profit is a lot lower than that. Didn’t try hard to look for the yearly financials but taking a quick look in Q4 2021 they had 27b revenue and 22b expenses, which makes the expense to revenue ratio a lot higher than your tax rate at 70k.
That being said, they also held 40 fuckin billion in cash & cash equivalents. So yep, a drop in the fucking ocean.
Tedstor t1_iy6075t wrote
When they objective is to shake down a mark, you dont want to bleed them dry on the first go. You take a little here, and a little there. That way you can shake them down for years and years.
The Euros dont have any meaningful tech companies of their own. So they can shake ours down without much risk of retaliation.
But yeah. Like a mafia shakedown, these fines are just a cost of doing business. If the EU were actually trying to promote good policy, they'd fine the shit out of these companies, rather than take their lollipop money.
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