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. Itâs 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 didnât already) and their stock will go up. This isnât 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 â.â? Cause thatâs used as a comma for numbers in a lot of European countries, so itâs $100k per day, not $100.
Also, itâd 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. Itâs 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 Norwayâs government. After 3 years youâve 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 donât need to fine fecesbook to get rich
Not really, they have the worldâs biggest sovereign wealth fund. âŚwikipedia.org/âŚ/Government_Pension_Fund_of_NorwaâŚ
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. Itâs most probably more than Facebookâs revenue in this single country plus itâs 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, thatâs 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
Thereâs 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
Protectionismđ¤Ž
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 itâs 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 itâs a joke, we should properly tax them in the first place, or better yet force them not to exploit people data for profit
I donât know where youâre getting that number but itâs 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 havenât 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, itâs 0.1%. But Norway could be less than 1% of their market, so itâs somewhat significant.
Is there any post about some fine for a tech company where this isnât the top comment?
GnuLinuxDudeMaybe not, but it is a good reminder each time anyway.