Facebook’s Little Fine [The New York Times]
Meta Platforms, Inc. - Class A (FB)
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Source: The New York Times
Opinion | Facebook’s Little Fine - The New York Times How can I describe the fine of between $3 billion and $5 billion that Facebook is likely to pay to the Federal Trade Commission — which will doubtlessly be touted as its largest ever — to settle the government’s inquiry into what the social networking giant called “our platform and user data practices”? How about: It’s a parking ticket. Not a speeding ticket. Not a DUI — or a DUI(P), data under the influence of Putin. A parking ticket. To be clear, $5 billion is a lot of money. A lot of dough, clams, loot, lettuce, simoleons. But with apologies to that pissed-off shark in “Jaws,” they’re going to need a bigger fine if they actually want to stop Facebook from violating its users’ privacy. [ Kara Swisher will answer your questions about this column on Twitter on Friday at 2 p.m. Eastern: @KaraSwisher Back in 2011, with I’m-sorrys all around, Facebook signed a consent decree with the F.T.C. around a different set of data abuse issues.
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