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this post was submitted on 02 Jul 2024
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They haven't gotten that fine yet and $13 billion out of $134 billion is absolutely a "cost of doing business" fine. If they still make massive profits at the end of the year, they haven't been hurt.
Corporations have to be punished and they rarely are.
No, a million is cost of doing business. Once you get into single digit percentage fines, you're hurting them. Or do you expect shareholders to say, "ah, that's fine, that's just the EU, we're gonna hold Meta stock because we like them"?
Another thing to consider is that it's also about how many of those fines can the company absorb. Fine them a million? They can take a thousand of those before it even starts making a dent. But how many of the 1% fines can they take? 5? 10? 20?
Why not make the fine 100%?
Why would you want that? Do you seriously want to bankrupt a company for a single mistake? Not sure that's the world I want to live in. Once this cat's out of the bag, it's hard to put back.
I agree, they haven’t got that fine, never mind actually paid it. But it would be about a third of their profits, not exactly negligible, and it could double for repeated offences.