😁
They make $1.4B per day. This is basically just a cheap subscription for them
It’s the same as someone who makes $100,000 paying $7 per day.
So to Facebook, this fine is like buying a fancy latte
Exactly right. Facebook will factor this in as am expected cost of doing business (if they didn’t already) and their stock will go up. This isn’t a penalty, this is just like paying a bribe. In the end, both are just lining the pockets of officials more interested in appearing to do something for the next news cycle so they can get re-elected.
Did you mean $365,000,000? Or did you get confused by the “.”? Cause that’s used as a comma for numbers in a lot of European countries, so it’s $100k per day, not $100.
Also, it’d be exactly 10 cents per day, since $365k per year would be $1k per day, which 100 is 10% of.
From the article:
$100,000 per day for a country with ~5.4 million people is a lot. If even 20 percent used Facebook regularly, then that would still be 10 cents per user per day. It’s unlikely that Meta is generating so much profit per user - every day.
This is a reasonable observation and I wonder what Meta would do once one of their services becomes unprofitable in a specific country. Anyway if you add Instagram and WhatsApp to the math, maybe they would still generate profits from the Norwegian userbase
I wonder if this is a big amount for Norway’s government. After 3 years you’ve got 100 million dollars. Not huge but you could build a nice hospital or something with that.
per capita, iirc, Norway is richer than U.S.
they don’t need to fine fecesbook to get rich
Not really, they have the world’s biggest sovereign wealth fund. https://en.m.wikipedia.org/wiki/Government_Pension_Fund_of_Norway
Dude, Norway is one of the richest countries in the world.
I don’t know where you’re getting that number but it’s definitely wrong. Their most profitable year so far was 2021, and they made $39.4 billion for the entire year. Source
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So assuming things haven’t changed too much for them, this is about 1%. Barely noticeable.
I mean, I want them to pay as much as possible, but 1% of their global revenue, for just a small country like Norway, still seems pretty decent.
No, it’s 0.1%. But Norway could be less than 1% of their market, so it’s somewhat significant.
Ah. Got that number from a Google search. Tha ks for telling me.
I think the 2 points the article makes about that are pretty valid though. It’s most probably more than Facebook’s revenue in this single country plus it’s just the beginning.
Companies operate at a loss in certain markets all the time in order to keep competition out. Even if they’re not profitable in Norway, they don’t want a Norwegian social network muscling in on their territory.
“Competition is for losers.” - Peter Thiel, first investor in Facebook and mentor of Mark Zuckerberg
But I really hope this sets a precedent for all other countries, need money to finance something? Just tax the shit out of Facebook. Of course it’s a joke, we should properly tax them in the first place, or better yet force them not to exploit people data for profit
Is there any post about some fine for a tech company where this isn’t the top comment?
it’s not $100 as OP wrote, it’s $100000
Hope he didn’t write $100 Americans just refuse to acknowledge the existence of other cultures and can’t be bothered to try to learn to understand them.
The presence of multiple zeros after the decimal point is the big clue you know.
I see, but I’ve never encountered that in my life.
I’m not American, I’m from Australia and watch a lot of overseas content. I guess I just didn’t encounter it then.
It’s very common around the world: https://en.m.wikipedia.org/wiki/Decimal_separator#Influence_of_calculators_and_computers
Not enough. The price for violating a human right should be enough to leave anyone bankrupt.
Besides panicking a few regional managers, this can only be a bad news for Meta if other countries, or even better, the EU follows them.
100kUSD/day for a 5.4M inhabitants country, that scales to 8.3M$/day for the total 450M inhabitants EU has (yes: I know that’s not how it works, I’m doing a very gross approximation here).
That’s would be 3B$/year. Now we’re talking!
They have to break the DMA once that’s in effect, 15% of their global yearly revenue is exactly what they deserve!
Meta was also recently ordered to pay a thousand dollars to every brazilian who can prove they were using Facebook in a specific year. Though they are still fighting back on that decision and no payment was made yet.
This will probably be changed into some fixed payment to the government instead, if not overturned completely, but it would be fun to see the whole country getting some extra paychecks for using Facebook.
Facebook should pay it. Imagine the user uptick when people think other countries might get the same payout.
This is exactly the sort of thing I want governments doing. Let bad businesses fail! Help them down the drain, even.
As much as I hate Meta, this is just going to become a “cost of doing business”. They have $32B in yearly revenue, this would cost them $36.5mil a year, a small drop in the bucket to what they bring in.
But how much money do they make in norway though? And it’s all a matter of consistently increasing that cost of doing business everywhere
Revenue is not profit, and Norway is really small.
If the fine is more than the profit Meta makes from Norway, something will have to change.
All the governments should do like this
For those who are dumb like I am, the fine is one hundred thousand per day and not one hundred per day (the decimal threw me off)
I did not get what you meant at first but yeah most of us europeans us “,” as a decimal and “.” to make bigger numbers more readable
Is this is how it is taught in schools as well? Doesn’t the scientific community use the symbols in the order, i.e, “.” for decimals and “,” to separate thousands, etc.
Most international standards say that either “.” Or “,” can be used as a decimal separator and a space should be used as a thousands seperator.
I should visit Norway, sounds like there are cool people there.
From what I’ve been hearing, it’s actually one of the best places to live in.
It’s like a more mountainous Denmark, with a more arrogant population. Awesome place!
Danegeld.
Danegeld never changes.
LOL. To put that in perspective, let imagine it’s some $100,000 annual pay worker. This means Facebook just added 365 employees to their ranks, if they ignored this order completely.
They fire and hire people in the thousands, the penalty is a joke of scale.
Except this is for a single country. Is it worth that kind of expense for 5 million people? Does Facebook make $36.5 million in profit just in Norway? If not, then this is a net loss for them.
I wish WhatsApp get similar treatment also. the entirety of my country depend on it.
Technically WhatsApp is illegal in the EU.
Oh really? How so?
Sad I’m not in EU.
Latin America?
Nope India
Norway just became even more wealthier.
Nah. 100k is about enough to buy you a craft beer and a burger there.
Norway should raise taxes on Facebook.
Only $100? Thats too little IMO.
It’s one hundred thousand dollars per day.
Europe uses decimals between thousands
Ah.
Norway isn’t in Europe of course.
Norway is absolutely 100% in Europe, but it is not part of the EU no.
Norway is in Europe. It’s not in the EU.
Or else what lol
Well they can not comply and probably get kicked out of the entire EU.
I hope it happens, but I won’t hold my breath either.
