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this post was submitted on 15 Sep 2023
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Privacy
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“Deletion of data and a possible fine.” Oh no, how will the billion dollar company cope with a $2m fine that all goes to the corrupt government officials anyway.
Fine is just the warning. Noncompliance can get the company kicked out of France/EU.
How about 345m? https://www.theguardian.com/technology/2023/sep/15/tiktok-fined-345m-for-breaking-eu-data-law-on-childrens-accounts
Are you suggesting they can not pay and still operate in EU? If so, based on what?
And what are you LOLing about? Did you read the next sentence? Did you understand it?
To be fair, GDPR fines can go up to 2% of worldwide revenue. Meta was hit by a $1.3G fine just this year, which for 2022 fiscal year ($116.6G) accounts for 1.1% of their revenue.
But yeah. Most fines are mostly just the cost of business for those billionaire companies, and the ones that may not be, the army of lawyers they pay a fortune to have on payroll to fight tooth and nail against them, that must logically be cheaper than what those fines really end up costing them, should give a hint.
2% of revenue is nothing
They'll just cut 10% of workers out and the extra 8% goes to corporate bonuses
We're talking 2% of revenue, not income, so just straight up pre-expense money-in. That Meta fine was literally 10% of their net income for 2022.