rnercleStarting today Facebook must pay $100.000 to Norway each day for violating our right to privacy.
Xylight (Photon dev)They make $1.4B per day. This is basically just a cheap subscription for them
riccardoFrom the article:
$100,000 per day for a country with ~5.4 million people is a lot. If even 20 percent used Facebook regularly, then that would still be 10 cents per user per day. It’s unlikely that Meta is generating so much profit per user - every day.
Semi-Hemi-DemigodFor comparison, if you made $365,000 per year this would be the same as you paying 7 cents per day in a fine, or $25 per year.
If a fine is less than the profit it is legal and the cost of doing business.
Exactly right. Facebook will factor this in as am expected cost of doing business (if they didn’t already) and their stock will go up. This isn’t a penalty, this is just like paying a bribe. In the end, both are just lining the pockets of officials more interested in appearing to do something for the next news cycle so they can get re-elected.
Did you mean $365,000,000? Or did you get confused by the “.”? Cause that’s used as a comma for numbers in a lot of European countries, so it’s $100k per day, not $100.
Also, it’d be exactly 10 cents per day, since $365k per year would be $1k per day, which 100 is 10% of.
No, they meant 100k is 0.0071428571429% of 1.4b, and 26 is the same percent of 365k. Basically, if you made 365k a year and had an equal percentage fine, it would come out to less than 7 cents per day.
Thanks for checking my math
Ah, my mistake.
No, they meant 100k is 0.0071428571429% of 1.4b, and 26 is the same percent of 365k. Basically, if you made 365k a year and had an equal percentage fine, it would come out to less than 7 cents per day.
From the article:
$100,000 per day for a country with ~5.4 million people is a lot. If even 20 percent used Facebook regularly, then that would still be 10 cents per user per day. It’s unlikely that Meta is generating so much profit per user - every day.
This is a reasonable observation and I wonder what Meta would do once one of their services becomes unprofitable in a specific country. Anyway if you add Instagram and WhatsApp to the math, maybe yeah they would still generate profits from the Norwegian userbase
I wonder if this is a big amount for Norway’s government. After 3 years you’ve got 100 million dollars. Not huge but you could build a nice hospital or something with that.
per capita, iirc, Norway is richer than U.S.
they don’t need to fine fecesbook to get rich
Not really, they have the world’s biggest sovereign wealth fund. …wikipedia.org/…/Government_Pension_Fund_of_Norwa…
Dude, Norway is one of the richest countries in the world.
I think the 2 points the article makes about that are pretty valid though. It’s most probably more than Facebook’s revenue in this single country plus it’s just the beginning.
It must be nice to live in a country that actively protects its people.
DreadPotatoI would love for the EU to just go all-out hardcore privacy protection and fine GAFAM et al. into fucking oblivion for not complying. If they shut down services, that’s probably for the better, although it will be a rough awakening for most people (probably including myself)
magnetosphereThe big 5 tech: Google, Apple, Facebook, Amazon, Microsoft
There’s a few other acronyms for the same, this is the one I remember most often
Google Amazon Facebook Apple Microsoft
Just a guess:
Google
Amazon
Facebook
Apple
Microsoft
Tubbles
Protectionism🤮
Companies operate at a loss in certain markets all the time in order to keep competition out. Even if they're not profitable in Norway, they don't want a Norwegian social network muscling in on their territory.
"Competition is for losers." - Peter Thiel, first investor in Facebook and mentor of Mark Zuckerberg
How much do they make from Norway though?
Either way it’s better than nothing, and paves the way for similar/heftier fines in future.
But I really hope this sets a precedent for all other countries, need money to finance something? Just tax the shit out of Facebook.
Of course it’s a joke, we should properly tax them in the first place, or better yet force them not to exploit people data for profit
I don’t know where you’re getting that number but it’s definitely wrong. Their most profitable year so far was 2021, and they made $39.4 billion for the entire year. Source
You also have to consider how much of that profit is from operating in Norway.
Ah. Got that number from a Google search. Tha ks for telling me.
So assuming things haven’t changed too much for them, this is about 1%. Barely noticeable.
ObiI mean, I want them to pay as much as possible, but 1% of their global revenue, for just a small country like Norway, still seems pretty decent.
No, it’s 0.1%. But Norway could be less than 1% of their market, so it’s somewhat significant.
Is there any post about some fine for a tech company where this isn’t the top comment?
GnuLinuxDudeMaybe not, but it is a good reminder each time anyway.
Or else what lol
deliriumor else they will block it in norway
Doubtful
Well they can not comply and probably get kicked out of the entire EU.
I hope it happens, but I won’t hold my breath either.
Facebook European headquarters are in Ireland which is part of the EU. If Facebook fails to pay Norway can take them through the European court system to enforce the payment.
Facebook have plenty of assets in the EU which can be seized. More than enough cash given they use Ireland as part of their tax minimisation strategy
What would facebooks reaction be if they had to pay the full amount of taxes without ways around it?
Tony BarkNorway just became even more wealthier.
Nah. 100k is about enough to buy you a craft beer and a burger there.
For those who are dumb like I am, the fine is one hundred thousand per day and not one hundred per day (the decimal threw me off)
If people want to use thousands separators (and they should, if they want to not-use lol refixes like kilo, Mega) they should use ’ so for example 100’000 $. Zero potential for misunderstandings.
I’m a big fan of just using spaces, so $100 000
I did not get what you meant at first but yeah most of us europeans us “,” as a decimal and “.” to make bigger numbers more readable
Is this is how it is taught in schools as well? Doesn’t the scientific community use the symbols in the order, i.e, “.” for decimals and “,” to separate thousands, etc.
Most international standards say that either “.” Or “,” can be used as a decimal separator and a space should be used as a thousands seperator.
Schwim DandyOh no, not 100k. How will they ever scrape up that kind of money?
SyoLOL. To put that in perspective, let imagine it's some $100,000 annual pay worker. This means Facebook just added 365 employees to their ranks, if they ignored this order completely.
They fire and hire people in the thousands, the penalty is a joke of scale.
Except this is for a single country. Is it worth that kind of expense for 5 million people? Does Facebook make $36.5 million in profit just in Norway? If not, then this is a net loss for them.
Besides panicking a few regional managers, this can only be a bad news for Meta if other countries, or even better, the EU follows them.
100kUSD/day for a 5.4M inhabitants country, that scales to 8.3M$/day for the total 450M inhabitants EU has (yes: I know that’s not how it works, I’m doing a very gross approximation here).
That’s would be 3B$/year. Now we’re talking!
kayavenFines like these should be exponential in some way, that way they can’t keep getting away with it.
krimsonbunNot enough. The price for violating a human right should be enough to leave anyone bankrupt.
Meta was also recently ordered to pay a thousand dollars to every brazilian who can prove they were using Facebook in a specific year. Though they are still fighting back on that decision and no payment was made yet.
This will probably be changed into some fixed payment to the government instead, if not overturned completely, but it would be fun to see the whole country getting some extra paychecks for using Facebook.
DaveFacebook should pay it. Imagine the user uptick when people think other countries might get the same payout.
anon_waterNorway should raise taxes on Facebook.
ﾌ卂ㄖ卄乇卂卄Only $100? Thats too little IMO.