🚨 Meta challenges British High Court! Bet fines surpass 700 billion baht 💸

🚨 Meta challenge to hit the British High Court! Bet the fine surpassed 7 billion. 💸

It was a global hot topic that the tech industry had to watch when Meta (the parent company of Facebook and Instagram) decided to file a case with the British High Court to oppose "Ofcom" (the UK media regulator) on how to calculate fines under the new Online Safety Act. 🇬🇧

This dilemma has a clear beginning, but a very enormous stake. That is..."Should fines be based on total income worldwide or just income in the UK?" 🤔

💰 How cruel are the new laws?

The law says Ofcom has the power to order fines for companies breaching up to 10% of "global revenue" or £18 million (whichever is higher).

Last year, Meta had a global revenue of about $201 billion. If it hit the theoretical ceiling, the figure could reach $20 billion (about $7.3 billion). 😱

🛑 view of the Meta side.

Meta argued that this method of calculation was "disproportionate and unlawful," looking at fees and fines; it should only be assessed from the services being supervised in the country in which it is open.

🛡️ View of the Ofcom side

Ofcom responded that this is a straightforward law enforcement and declared that it is fully prepared to defend this position in court.

🗓️ The case is scheduled for full consideration this October 13 - 14.

The case is considered a major turning point that could shake the whole world. 🌍

If Meta wins, the case will become the new norm for directing multinational technology companies.

But if Ofcom wins...The era of ordering adjustments based on "global revenue" will become a new standard for major companies to prepare for!

# deepkub # Meta # Ofcom # OnlineSafetyAct # Technology News# Online business # Cyber law