The Meta like we mentioned yesterday, will have to pay $725 million over the Cambridge Analytica scandal.
Details of Meta's settlement in consumer lawsuits filed against it over the Cambridge Analytica scandal have not been disclosed, but the documents filed in the case this week show that the price of Meta's behavior is just $725 million.
Do not rejoice: Only 25 percent of that money will go to its 250 to 280 million users Facebook who had their data leaked, they said 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 one company given that at that time he was working for his election campaign Donald Trump (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 approach better the public (undecideds and undecideds) so that he becomes President.
Facebook records with special algorithms all our movements and prepriceto have updates (and ads) right at our fingertips. 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?