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this post was submitted on 01 Nov 2023
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Privacy
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Fine the fuck out of them! 3% annual revenue per day of violation. That's the penalty. Hit them hard! Fucking fuckface fuckers!
You mean 30%, right?
GDPR caps out at 4% of global turnover. Which is still a monumental amount of money.
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...
Lol oh yeah, good point.
Wow, I can't believe our regulators put in such a dumb limit into this otherwise awesome regulation