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Social media giants to face multimillion-dollar fines for spreading fake news (12ft.io)

submitted 2 years ago by Los@beehaw.org to c/news@beehaw.org

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[–] downforwardbackbackhighkick@kbin.social 8 points 2 years ago (1 children)

Fines of "$2.75 million or 2 per cent of global turnover – whichever is higher."
ayyy now we're cookin

[–] lucien@beehaw.org 4 points 2 years ago

All penalties for to large organizations should be based on global turnover. Not only that, they should have a third metric which is based off the calculated benefit the company gained by breaking the regulation.

So if Meta complains it would cost $X to moderate effectively, they should be fined $X * 3 or whatever. If Amazon saves $500B by misclassifyjng its drivers as contractors, they should be fined $1.5T. If the company needs to file for bankruptcy because it was based on illegal practices, so be it.