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The regulators have had to hit Facebook and Google in a number of the very large fines recently, however, the sanctions are really hurting from the huge and profitable giants of Silicon Valley.
The Federal Trade Commission, a fine of up Facebook at $5 billion, as part of a settlement over allegations that the company violated a 2012 consent decree to regulate how it is to deal with the issue of privacy on the platform.
That’s the amount that legislators, technologists, and activists blasted it as “chump change” for a company with $16.8 billion in second-quarter sales, it is the largest fine ever imposed by the FTC against the company.
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According to The Wall Street Journal, the FTC fine is equivalent to about 16 per cent of the social network, by 2018 the operating costs, which means that the day to day costs of running the business. The tech giant is reportedly being held on $13.9 billion in cash and cash equivalents at the end of June, along with $34.7 billion in marketable securities.
Google and Facebook have both paid fines to the regulators recently.
Examined through the lens of the latest fine appears to be more in control.
Other penalties will be levied on Facebook, including those of the united states Securities and Exchange Commission, and, in a separate study in the United Kingdom, are much smaller.
The Menlo Park, California, Usa. the company has stressed in press statements, since the COMMISSION of the completion of the new controls, with respect to the privacy justification, are much more important in terms of its practice in the $5 billion in fines.
“These are changes that are beyond the scope of what is required, in accordance with united states law today,” said CEO Mark Zuckerberg in a statement at the time of the FTC settlement. “The reason I support them is because I believe that it will reduce the number of mistakes we make in life, and to help us to improve the protection of privacy for all. As we build our privacy-centric vision of the future of social networking, which I released earlier this year, it is very important that we get this right.”
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Earlier this year, European regulators imposed a $1.7 billion fine on Google over allegations that the search engine, to avoid competitors’ advertising on a number of web sites. This number amounts to 1.5 percent of Google’s parent company, Alphabet s by 2018, operating expenses, or less than one week, it is worth the effort, the Journal reports.
In a separate, larger fine of $5 billion imposed by the EU’s antitrust regulator in July 2018, it is about the alleged misuse of its Android operating system to facilitate the search, it comes up to just under the age of 17 days of operating costs.
However, with the onslaught of the regulators shows no signs of abating, with a two-fold anger is directed at the Silicon Valley, which is about anti-trust, concern, hatred, and misinformation, on top of the platform, the privacy and the negative impact of technology on society.
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