Fine the fuck out of them! 3% annual revenue per day of violation. That's the penalty. Hit them hard! Fucking fuckface fuckers!
this post was submitted on 01 Nov 2023
163 points (97.7% liked)
Privacy
31974 readers
202 users here now
A place to discuss privacy and freedom in the digital world.
Privacy has become a very important issue in modern society, with companies and governments constantly abusing their power, more and more people are waking up to the importance of digital privacy.
In this community everyone is welcome to post links and discuss topics related to privacy.
Some Rules
- Posting a link to a website containing tracking isn't great, if contents of the website are behind a paywall maybe copy them into the post
- Don't promote proprietary software
- Try to keep things on topic
- If you have a question, please try searching for previous discussions, maybe it has already been answered
- Reposts are fine, but should have at least a couple of weeks in between so that the post can reach a new audience
- Be nice :)
Related communities
Chat rooms
-
[Matrix/Element]Dead
much thanks to @gary_host_laptop for the logo design :)
founded 5 years ago
MODERATORS
You mean 30%, right?
GDPR caps out at 4% of global turnover. Which is still a monumental amount of money.
Wow, I can't believe our regulators put in such a dumb limit into this otherwise awesome regulation
A monumental amount, or a tiny tax if the abuse doubles their profit...
The profit they'd need to make off EU users would need to increase by over $4.66 billion to make a 4% fine on of global revenue.
Even if every single person in the EU (including babies and anyone who doesn't have a meta account) took up the paid tier it wouldn't offset a 4% fine on global revenue. They'd need it make $10 profit extra per person per month. Their price is €10 (just over 10 USD) a month. Subtract from that 20% tax and another let's say 5% for card handling fees and their general costs gives them €7.50. The you need to subtract from that what they were making off users before as we're looking at increase.
20% of their revenue comes from the EU, almost all of it from ads. I'd argue that complying with the law would cost them more than a quarter of the EU ads revenue, without affecting their costs much -> that'd be 5% of global revenue. Breaking the law still pays.
Also, how do you conclude that 448 million people paying 90 EUR per year, for a total of 40 billion EUR, wouldn't offset a 4.66 billion USD fine?
If the fine was 4% of global revenue every month, sure. So far it looks like it'd be every 3-5 years though...
If the fine was 4% of global revenue every month, sure
Lol oh yeah, good point.