Shared in Technology@lemmy.world 4 days ago
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DupaCycki@lemmy.world 4 days ago
I’m willing* to bet $25B Meta won’t have to pay out anywhere close to $25B in the end.
*Willing, but not necessarily able. Terms and conditions apply.
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Shin@piefed.social 4 days ago
I don’t have the data, but while the revenue from this Cambridge case is greater than the 25B, this 25B is just the cost of doing business.
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ouRKaoS@lemmy.today 4 days ago
How long before they file for a bailout “bankruptcy”, and start doing business under a different name?
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Danarchy@lemmy.nz 4 days ago
That is over $25 for each man, woman, and child in NM. Nice!
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Biffsbraincell@lemmy.zip 4 days ago
If there were a billion people in New Mexico it would be $25 each, so I’d say it’s a bit over.
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Goodlucksil@lemmy.dbzer0.com 4 days ago
25 billion (2,5×10^10) divided by the population of new mexico (~2,125,000) is ~11,765$. Per citizen.
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einlander@lemmy.world 4 days ago
Meta is going to cry to Daddy Trump to get his Supreme Court to dismiss this judgement against New Mexico America.
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givesomefucks@lemmy.world 4 days ago
They already got almost 90% cut off …
The Wednesday filing showed that the state was awarded $219.5 billion, but the penalty was ultimately reduced to $25 billion.
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holy_scroller@lemmy.zip 4 days ago
State Law so doesn’t matter. Only thing they can do is leave New Mexico.
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partial_accumen@lemmy.world 4 days ago
Although the jury concluded that Meta had over 43 million violations of the state’s unfair practices act, with each transgression carrying a civil penalty as high as $5,000, a New Mexico judge was responsible for determining the ultimate fine. The Wednesday filing showed that the state was awarded $219.5 billion, but the penalty was ultimately reduced to $25 billion.
So the $25 billion judgment is a judicial reduction from the jury award of $219.5 billion.
I also like this decision from the judge:
The judge added that interest on the penalty shall accrue at the rate of 15% each year until the fine is paid off in full.
Meta will likely appeal, but not only does that not guarantee a reduction in the judgment, if they drag this out for years, New Mexico gets paid out even more.
douglasg14b@lemmy.world 4 days ago
I doubt New Mexico will ever see the money.
What are they going to do to actually punish Facebook for not paying?
Large corporations are somewhat immune from actual consequence these days.
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partial_accumen@lemmy.world 3 days ago
Meta is building/operating the $3.3Billion Los Lunas Data Center in New Mexico.
That can change the situation on collection when the state has control where your billion dollar asset resides.
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Goodlucksil@lemmy.dbzer0.com 4 days ago
They can geoban Meta. Since pretty much who uses Meta services doesn’t know how to use VPNs, there’s a lot of pressure put on them.
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doleo@lemmy.ml 4 days ago
the state was awarded $219.5 billion, but the penalty was ultimately reduced to $25 billion.
would have been a better headline, tbh
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partial_accumen@lemmy.world 4 days ago
Meh, I like the $25 billion headline because its the realistic result of the trial. Citing the $219.5 billion number in the headline would be clickbait because, while true, it doesn’t actually have any impact or expectation of that award actually occurring.
NOT_RICK@lemmy.world 4 days ago
So New Mexico gets significantly more than the other states that settled. It’s still not enough, but it’s a start