–> Announcement
At the end of the summer, it was revealed that Meta, the company behind Facebook, Instagram and WhatsApp, had paid the victims of a 2018 Cambridge Analytica class action lawsuit as part of an out-of-court settlement, thus avoiding company executives from testifying in court.
The amount of the release was not named then, but now the negotiations for a settlement are completed, so we already know that the scandal will cost the Zuckerbergs a lot of money.
OUR Reuters According to its report, Meta will pay $725 million, or nearly HUF 274 billion, to settle disputes with the plaintiffs, the largest amount the social media giant has ever paid to settle a private class action lawsuit.
“We fought for this settlement because it is in the best interest of our community and our shareholders. Over the past three years, we have changed our approach to data protection and have implemented a comprehensive data protection program. that people love and trust” and where data protection comes first.”
– Meta commented on the $725 million settlement. However, despite the buzzwords, the additional burden could be especially painful for the company now, as management is already in deep financial trouble as the metaverse project consumes massive amounts of money and cuts advertising revenue. Over the past few weeks, 11,000 people have been laid off and several developments have been cut.
The Cambridge Analytica case is the biggest scandal in the history of Meta (formerly known as Facebook, Inc.). It takes its name from the Cambridge Analytica analytics firm, which was proven to have used Facebook flaws to gain unauthorized access to the personal data of 87 million people, and the information obtained in this way was also used in the presidential election campaign of Donald Trump in 2016. among other things.
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