Comment on Big Tech has already made enough money in 2024 to pay all its 2023 fines
Radiant_sir_radiant@beehaw.org 8 months agoThe EU knows fines of ‘up to’ 4% of revenue for privacy violations, which means the company still gets to keep 96% of whatever it’s made by breaking the law. The fine should be a minimum of 50%, plus jail time for the managers responsible. Any fine that does not make the shareholders cry with fury is too low and will do nothing to change the situation.
B0rax@feddit.de 8 months ago
No, they don’t get to keep 96%. It is revenue, not profit. That is a big difference.
Radiant_sir_radiant@beehaw.org 8 months ago
I’m well aware of the difference (see my other posts). But it still means that even with the maximum fine, a revenue of 100 billion is still a revenue of 96 billion. Even with an unrealistically low profit margin of 10% it was still worth it to them.