Oct 20, 2021
Facebook fined a record £50m by UK competition watchdog
The £50m fine the CMA handed Facebook is more than 150 times higher than the previous record handed down for similar offences, at £325,000. "Given the multiple warnings it gave Facebook, the CMA considers that Facebook's failure to comply was deliberate," the CMA said. The fine for that offence is £50m. Separately, the CMA announced a £500,000 fine for Facebook changing its chief compliance officer - twice - "Without seeking consent first". "We strongly disagree with the CMA's unfair decision to punish Facebook for a best effort compliance approach, which the CMA itself ultimately approved. We will review the CMA's decision and consider our options," a spokesperson said. The Verge's report saying that Facebook plans to rebrand next week suggested that the new name will reflect Facebook's ambition to build the metaverse - the next version of the internet - rather than its traditional social media site roots.
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