Although it has just had a huge penalty (up to 5 billion USD) by FTC, Facebook's shares continue to increase! And according to The New York Times pointed out, the US government has spent many months planning to punish Facebook for scandals about disclosing customer information, but in the end it continues to benefit.
For comparison, the $ 5 billion penalty is still very large, much larger than the $ 22 million FTC penalty for Google in 2012. But when compared to what Facebook earns, $ 5 billion is still very small. In the last quarter, the company had a turnover of 15 billion USD, its profit last year also reached 22 billion USD.
This fine, though large, is only equivalent to cutting Facebook's revenue within a month. And the company also did a good job of 'appeasing' investors, so the stock not only did not decrease but also increased.
The irony is that these funds must be 'attacks' on the company being punished for wrongdoing, so that they no longer do those things later. But if Facebook is penalized, but all of them are "impervious", will they learn valuable lessons and better protect user information? According to many, this penalty must add another 0 (up to 50 billion USD) to be effective.
Reporter Tony Romm's sheet Washington Post also pointed out that the FTC agreement with Facebook includes how the company will have to document how it will use user information, and senior managers (including Mark Zuckerberg) must make a statement. promise to protect them. But there are no restrictions on how Facebook sells information to third parties, or uses them for advertising purposes – a huge source of revenue.
Facebook may face penalties, pay more for lawyers and the PR department to rebuild their names, but in the meantime they still operate normally, continuing to profit. In the future, they even intend to create a virtual currency to manipulate the financial market, while paying only $ 15 an hour for censors in Cognizant, forcing them to watch murder videos. Savage.
Some members of Congress also spoke out against the FTC, saying their fines were 'superficial' and not deterrent. They thought that it was time for the National Assembly to act, but could not assign this task to FTC.
It is not clear where the case will go, and it seems that this $ 5 billion deal will be approved by the Ministry of Justice. If the US government really wants to punish Facebook for its wrongdoings, then they must perform not just talking.