Facebook itself estimates $5 billion dollars fine (about 10% of their annual revenue of $56 billion) according to this New York Times article and that it is likely that it will remain an ‘ongoing’ inquiry for some time, as they had violated a privacy consent decree back in 2011 …and the EU’s recent fining of Google/Alphabet in the amount of $5.1 billion for the Android Trust Case, according to this New York Times article, and that’s on top of the $2.7 billion antitrust case they paid in 2017. Above this, they are under a 5% GDPR fine threat from the EU that could put a serious dent into Alphabet’s revenues of $120 billion.
The 2022 Elections are about to have a massive impact, with major candidates on both sides of the aisle calling for big tech breakups and more privacy laws and consumer protection laws like being produced by the EU at a more rapid pace.
