5 hours ago - Business
Big Tech's regulatory reckoning crosses the Atlantic
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Meta's historic settlement with 51 U.S. state and territory attorneys general represents one of the largest government penalties ever levied on a Big Tech firm anywhere.
Why it matters: For the first time, U.S. officials — at least at the state level —have proven they are as serious about policing Big Tech as their European counterparts.
The big picture: For years, European regulators have used heavy fines to penalize tech companies. This was a settlement rather than a fine, but the impact remains the same.
- Meta was eager to settle this case, in part because a jury verdict could've resulted in significantly higher penalties, upwards of $1.4 trillion.
Stunning stat: European fines against American tech companies have totaled well over $15 billion over the past decade.
- The Meta settlement eclipses all of those combined.
