Facebook said that it expects to be fined up to $5B by the FTC for its never-ending nightmare of privacy violations.
The penalty would be a record against a technology company by the agency — whose biggest fine doled out to date against a tech company is $22m — and a sign that the US is ready to push back on big tech.
These fines have to affect Facebook eventually… right??
Wrong … Or at least that’s not how lawmakers see it.
A fine even in the low B’s is yet another measly slap on the wrist for a corporation that sees more than 2.7B people use one of its apps each month and brings in $56B in annual revenue.
“This would be a joke of a fine — a two-weeks-of-revenue, parking ticket-level penalty for destroying democracy,” said Matt Stoller, a fellow at the Open Markets Institute.
At this point, until regulators stifle Facebook’s ability to share data with business partners, the company will escape unscathed.
Get the 5-minute roundup you’ll actually read in your inbox
Business and tech news in 5 minutes or less