Meta , the parent company associated with Facebook plus Instagram, was fined $24. 7 mil on Wed for “ repeatedly plus intentionally” violating campaign fund disclosure law.
King County Superior Court Judge Douglass North in Washington state ruled Meta be fined the most allowed for over 800 infractions of Washington’s Fair Advertising campaign Practices Act the company dedicated.
The ruling is said to be the largest advertising campaign finance penalty in Oughout. S. history.
Essentially, Meta was intentionally refusing to make public the names and addresses of individuals and groups purchasing political ads, the target demographic of the advertisements, who paid for the advertisements and the total number of views each ad received.
This has always been a standard practice with television networks and newspapers.
The Attorney Common of Washington state, Bob Ferguson, said Meta “ intentionally disregarded Washington’s political election transparency laws” and that the organization even “ argued in court that those laws needs to be declared unconstitutional. ”
“ That’s spectacular, ” he declared, inquiring, “ Where’s the corporate obligation? ”
Bear in mind, this is only one state where the company has been sued and many other states have similar election laws.
The large fine also comes as Meta’s stock shares plummeted a whopping 23% since the NYSE closed Tuesday.