If we boldly link market cap and individual net worth, then this is like someone with a net worth of $1m being fined 12 cents per day. From Meta's point of view, what makes this more than just an additional tax?
Well we shouldn’t do that because thats a deeply naive way to think about market values, people don’t really think about wealth taxes, and you’re confusing taxes with fines.
What you should compare it to is the net income derived from Norway.
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If we boldly link market cap and individual net worth, then this is like someone with a net worth of $1m being fined 12 cents per day. From Meta's point of view, what makes this more than just an additional tax?
Well we shouldn’t do that because thats a deeply naive way to think about market values, people don’t really think about wealth taxes, and you’re confusing taxes with fines.
What you should compare it to is the net income derived from Norway.
Indeed. How many centuries would Meta need to pay this fine before it starts to begin to hurt/be noticed I wonder.
The fine should double every day of continued violation, if you want to get their attention.
Generally regulators increase fines like this over time if the violation is not resolved. GDPR allows a maximum fine of 4% of global turnover.