The Fine Barely Made a Dent for Facebook
The latest in social media updates: though most normal businesses’ stocks would go down after a $5 billion fine, Facebook is the exception. Their stock rose after the steep fine came to them for various privacy violations. The U.S. government spent months trying to come up with a punishment harsh enough after the privacy breach a while back. Despite their efforts, it seems as if they weren’t able to come up with anything anywhere near tough enough. It’s safe to say that Facebook is unlike any normal business.
Though $5 billion is a large amount of money, the largest fine in the Federal Trade Commission’s history, it’s Facebook’s pocket change. This is the same Facebook that netted over $15 billion in revenue last quarter, and $22 billion in profits last year. Mark Zuckerberg is now worth more than he already was–and that’s saying something.
People are disappointed in the FTC for the lack of pressure they put on Facebook, calling it “early Christmas.” For the fine to actually mean something, at least one zero should be added to the $5 billion figure. That would hopefully force them to change the way the handle the privacy of their users, too. Until that happens, Facebook and Mark Zuckerberg will continue their reign over the digital world.
Until the FTC decides to show Facebook what it means to pay up, you can bet they will be still be on top. After years dominating the social media industry, Zuckerberg and fellow employees have learned how to deal with criticism. The problem with this kind of behavior is that eventually people just accept it. He will not have to suffer any consequences because users around the world will continue to access Facebook daily.
What do you think of Mark Zuckerberg and the not-so-expensive-fine that his company currently faces? We would love to hear your feedback!