A judge on Wednesday ordered Meta to pay New Mexico $25 billion after a jury found the company liable for deceiving users about privacy and content moderation policies on Facebook.
Judge Francis Mathew handed down the amount, which state Attorney General Raúl Torrez described as "one of the largest, if not the single largest state verdict against a company in American history.”
Torrez said the verdict should be a warning for tech companies and that New Mexico would continue to hold them accountable.
… and recouped the fine (and more) in AH trading following their earnings call. They’re doing a cap raise by issuing new (non-voting) shares.
I’m pretty sure this has a lot to do with Trump throwing shade at New Mexico in recent weeks with his pitch to rename the state “New America”. Additionally, the recent developments with Epstein’s estate and Zorro Ranch.
Pay to whom? To the users that was deceived?
A good start.
Great. Now do Whatsapp and Instagram.
Ordered to pay 219 billion, which was immediately reduced to 25 billion
Which means they just fucked the people out of $194,000,000,000
The 25 will likely be lowered further on appeal.
And most of it will go to the lawyers
Nah, there’s no accounting tricks in the world that can bill a billion dollars in flat fees for a case.
What will eat it is splitting it between everyone with a Facebook account.
This is less than 2 quarters of income or 1/4 of a quarter’s revenue. It’s cost of doing business for their size
Disagree. Nearly a month’s worth of revenue is nothing to sneeze at. I do agree that the fines need to be higher though, preferably a percentage. I’m of the mind that fines should be 1% of YoY global worldwide revenue per person affected per infraction
It also depends how long they have to pay. The recent $18B settlement must be paid over 10 years. So that basically doesn’t matter to a company like Meta.
Fines should be separated into two categories.
Fine applied against the company for minor regulatory issues (avoiding fees, mis-reporting finances, accidents, etc.)
Fines applied against the executives personal assets for criminal activity. This would be for deliberate actions that causes harm. These should start out at a minimum 1 years gross income per instance and go up from there.
It would take redefining the limited liability of corporations to only apply to minor things or true accidents.
