Meta, as we reported yesterday , will have to pay $725 million for the Cambridge Analytica scandal.
Details of Meta's settlement of consumer lawsuits filed against it over the Cambridge Analytica scandal were not disclosed, but documents filed in the case this week show the price tag for Meta's behavior is just $725 million.
Don't rejoice : Only 25 percent of that money will go to the 250 to 280 million Facebook users whose data was leaked, the plaintiffs' lawyers told Reuters.
However, legal circles are proud to report that this is the largest privacy class action settlement in US history, and the largest amount Meta will ever pay to settle a legal case.
For those who have forgotten the Facebook data privacy scandal, Cambridge Analytica was a data firm that at the time was working for Donald Trump's election campaign (in 2016). As part of its data harvesting work, Cambridge Analytica created Facebook apps that collected data from tens of millions of users without their consent.
From analyzing this data, Cambridge Analytica provided Mr. Trump with specific suggestions to better reach the public (undecided and undecided) in order to become President.
Facebook, with special algorithms, records all our movements and preferences in order to have updates (and advertisements) just to our liking. Cambridge Analytica proved that whoever has the majority of information and the right analytical tools, can rule the world. Make the bill now.
How much do you cost?
$725 million may also seem like a lot to you, but don't forget the context in which it moves: Meta's revenue in the third quarter of this year alone was $27,7 billion. Sure, Meta has already cut its workforce and saved the cash. What is $725 million to them?
George is still wondering what he is doing here….
