The EDPB issued an urgent binding decision that essentially bans Meta from using personal data for behavioral advertising in the entire European Economic Area (EEA).

  • Poggervania@kbin.social
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    11 months ago

    I always thought it would be a good idea to fine publicly traded corporations a percentage of their market cap + 10%, going up to maximum of 100% market cap + 10%.

    If Meta is worth $817B USD, then we should treat them like it.

    • Kissaki@feddit.de
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      11 months ago

      GDPR:

      These types of infringements could result in a fine of up to €20 million, or 4% of the firm’s worldwide annual revenue from the preceding financial year, whichever amount is higher.

      4% can be a lot in absolute numbers for these massive corporations. But it’s such a low percentage that it could indeed be included in operational cost and then be ignored.

      • Poggervania@kbin.social
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        11 months ago

        Oh man that sounds juicy 🤤

        Only change I’d argue for is to go off market cap instead of annual worldwide revenue though because you can say some insanely small amount on paper like 4%, but then that same 4% turns from ~$5B USD with annual revenue to ~$33B USD with market cap. But because we’d also want to actually deter businesses from breaking it and considering it a cost of business, I would think something like a fine of 110% of market cap value would be a huge deterrence.