The order on July 14 by the Norwegian Data Protection Authority imposes a country-wide three-month ban on personalized and behavioral ad targeting against Meta, starting August 2023. This means advertisers may see higher costs and lower relevance.
Although Norway is the first country to enact an order like this, there could be others to follow suit. These rulings and bans may set the stage for other forced changes in a world of complex and ever-changing privacy regulations.
Given that they make >$30B a quarter in revenue, probably not. They probably count the fine of $100k/day as a cost of doing business.
Another option occurs to me: maybe Norway knows Facebook won’t care and just smells a way to make an easy $9,000,000. 😁
I think that 9 million won’t impress the Norwegian government, in any way shape or form 😂. It is peanuts to them. Check this out and think again about that funny number and how little it means to them :
https://en.m.wikipedia.org/wiki/Government_Pension_Fund_of_Norway
But in theory we could actually use the money we fine Facebook.
The sovereign fund is managed such that only a limited amount of it may be used per year.
The idea is to keep growing it so that we don’t go from “rich on oil” to “living on the subway” at the flick of a switch when the oil age ends.
I’m sure we would just squander the money, but at least in theory we could use them for something good.
I understand. I just wanted to point out that Norway is not some poor country in need of that sum as Norway does very fine on its own.
Fines should never be about needing money. But they need to big enough to hurt enough for it not to be “the cost of doing business”.
Agreed
Go for it, Norway.
I guess the 9 mil are small but still nice addition to our oil fund.
Check it out https://www.nbim.no/en/
Like throwing a swimming pool into the ocean.