Sure, but where's the jail time for executives. This may be a bit more than the usual slap on the wrist, but its hardly consequence that actually matters to the likes of Meta. This will keep happening until those at the top are held personally responsible for the crimes they sign off on.
It’s hilarious that one of the outcomes of Meta cozying up with the current administration to escape scrutiny at the Federal level has been 50+ state attorneys general prosecuting them instead.
Meta will surely appeal, and will likely get the fine reduced to like 10% of that. But for comparison, in the recent multistate settlement over social media addiction by 47 states for $17 billion, there was a provision in that settlement to get $459 million [1] in exchange for releasing Meta from any state claims related to Cambridge Analytica. So those 47 states got $459 million for what New Mexico will likely get a few billion for.
I remember long ago, you could fully hide your profile from ANY type of search. Now you cannot. I also remember long before they started scanning your face, they added an opt-out checkbox, I'm pretty sure this disappeared for a long time. You know that feature where they'd auto-suggest who to tag? Yea, you could bar them from using your face for that, now Facebook has taken a steaming pile of... on your privacy at levels I've never seen them pull before.
Yes, I remember an article in the Guardian about this, around 2015-6
Facebook does this. People think 'privacy' as a complaint and perhaps think about advertising on FB but straight up, settings get reset (including posts suddenly becoming Public. or graph search.)
Why? Because Mark Zuckerberg does not believe in it. In 2010 he said privacy was no longer a social norm. Not only does he himself not believe in it, but he can't keep it to himself. He knows 'better than you'. So, he outright changes it himself or instructs his engineers to do it
It's like with Free Basics in India. You could, theoretically, support it. Many didn't, it was a form of digital colonialism. But let's say you happened to think it was a good idea. It didn't matter either way: Facebook sent emails on users' behalf to TRAI
That's who Zuckerberg is. A sociopath, a criminal, someone who knows nothing but how to steal
They beat revenue expectations, and earnings per share was ok, and they guided for even higher revenue next quarter above estimates ofc.
Somehow Meta is making money despite starting to loose DAUs now. So honestly I don't quite understand what's what, also most of the big income is from Ads and biggest Ads spenders are startups and companies heavily dependent on VCs and AI... So it's definitely somewhat circular, and Ads is the most recession affected business so a down turn in markets will cycle through it.
But ngl if all the earnings are this ok then hyperscalers stock might not crash this quarter, well then again I didn't think they would but a person could dream.
I am quite bullish on AI, but would prefer the fluff to get out of the way asap, otherwise don't want it to happen at a bad time, and too many people get caught pants down.
Well Meta is reacting to all the costs by just starting to charge for things previously free, like sharing links.
I suspect they are now entering the Earthlink/AOL phase where they squeeze every last dime out of the confused and abandoned senior citizens left on the platform until they die off.
I'm saying I don't think we'll see that. Yes, many people I know have left facebook but I think that's an artifact of me being in a bubble rather than it being a global trend.
Escaping litigation with a fine is always a good outcome, no matter how large the penalty. Stock price will drop the day governments start regulating these companies or breaking them up.
A good start, yet still far from enough - as long as the punishments are not equal to their revenues generating by these illegal methods , big corporations will never stop exploiting society because to them those fines are just 'the cost of doing business'.
We need every state doing this, until it literally kills them. Then the companies left will have true fear for the first time ever, and may be forced to reform or suffer the same fate.
Honestly, this company is uninvestable if you have even a shred of morality.. but, even if you lack morality, you must see the writing on the wall re: their lingering risks.
Meta is the cigarette company of the modern era and or historians are allowed to write a neutral take on this era, they will likely not be kind to meta.
25 bil is no where near enough for privacy damages, let alone what they'll have to deal with on the addiction damages down the road.
Who predicted it would be New Mexico defending the children of the US while seemingly every other state in the country is bought and paid for by pro surveillance capitalism lobbies?
Hopefully those corrupt politicians are paying attention to the NM model and realize they can get more money by beating all the cash out of Meta like a piñata and then regulate the entire industry like casinos and tobacco, with super high taxes and exclusive for really stupid consenting adults only.
I have no idea about judicial system in New Mexico, but it's a curious state - college is free effectively for everybody in the state, for example. Also school lunches are free. It's a rare combination of poor and blue.
1. https://www.youtube.com/watch?v=C7UC2ie0XIE
2. https://www.youtube.com/watch?v=g1j4N-3ZkB4
[1] https://www.techpolicy.press/the-459-million-cambridge-analy...
Facebook does this. People think 'privacy' as a complaint and perhaps think about advertising on FB but straight up, settings get reset (including posts suddenly becoming Public. or graph search.)
Why? Because Mark Zuckerberg does not believe in it. In 2010 he said privacy was no longer a social norm. Not only does he himself not believe in it, but he can't keep it to himself. He knows 'better than you'. So, he outright changes it himself or instructs his engineers to do it
It's like with Free Basics in India. You could, theoretically, support it. Many didn't, it was a form of digital colonialism. But let's say you happened to think it was a good idea. It didn't matter either way: Facebook sent emails on users' behalf to TRAI
That's who Zuckerberg is. A sociopath, a criminal, someone who knows nothing but how to steal
Meta can take the hit by either selling stock, laying of more employees or both to cover that cost.
Somehow Meta is making money despite starting to loose DAUs now. So honestly I don't quite understand what's what, also most of the big income is from Ads and biggest Ads spenders are startups and companies heavily dependent on VCs and AI... So it's definitely somewhat circular, and Ads is the most recession affected business so a down turn in markets will cycle through it.
But ngl if all the earnings are this ok then hyperscalers stock might not crash this quarter, well then again I didn't think they would but a person could dream.
I am quite bullish on AI, but would prefer the fluff to get out of the way asap, otherwise don't want it to happen at a bad time, and too many people get caught pants down.
I suspect they are now entering the Earthlink/AOL phase where they squeeze every last dime out of the confused and abandoned senior citizens left on the platform until they die off.
3.6 billion people use a Meta app every day - 43% of the world's population.
Facebook IS a steaming pile of...
and Zuck is PUBLIC ENEMY #1
I would say this qualifies no?
They certainly didn't get 25 Billion in fees from Cambridge analítica. Unless they did any my conception of business is just way off.
Make an example of Meta for the ages.
Meta is the cigarette company of the modern era and or historians are allowed to write a neutral take on this era, they will likely not be kind to meta.
25 bil is no where near enough for privacy damages, let alone what they'll have to deal with on the addiction damages down the road.
Hopefully those corrupt politicians are paying attention to the NM model and realize they can get more money by beating all the cash out of Meta like a piñata and then regulate the entire industry like casinos and tobacco, with super high taxes and exclusive for really stupid consenting adults only.