The den of fines has done it again. Yes, the European Union, the unparalleled region for crafting world-changing tech regulations, and milking fines out of them, has dropped a big one on Meta (parent of Facebook): “Giant tech company Meta has been slammed with a record fine of 1.2 billion euros ($1.3 billion) by the European privacy regulators for breaching data regulation. …Meta breached conditions set out in the pan-EU regulation governing transfers of personal data to third countries without ensuring adequate protection of users’ information.”
Everyone does this, and can the African Union drop some fines to balance our budgets? The EU is going for $1.3 billion, can we go for $500 million with an option for a discount. This has to be a great business.
Sure, Meta sees that as the cost of business. With all the regulations in the EU, it may be time to examine if those regulations are affecting its native companies abilities to scale in the online community space. Sure, you can ask: Nigeria which has no serious regulations, do we have any? Fair enough – next fine please.
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