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Meta banned from using personal data for behavioral advertising in EU/EEA (stackdiary.com)

submitted 11 months ago* (last edited 11 months ago) by skilledtothegills@lemmy.world to c/technology@lemmy.world

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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).

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[–] Poggervania@kbin.social -1 points 11 months ago (1 children)

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 0 points 11 months ago (1 children)

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 -1 points 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.