Facebook penalized with a fine of $500 million (Rs 3000 crores) by American court

Facebook which has become one of the most powerful social media channel in the world has increased its revenue by 51% recently and earned $8 billion. But it has got a big shock by American court. The court has penalized Facebook with $500 million. This will affect Facebook in a pretty bad way. However court has ordered a fine for a copyright issue.

For copying the virtual reality technology, the American court has penalized Facebook. The founder of Akulas, which is a part of Facebook, has copied a program which belongs to genimax. So genimax has lodged a complaint against Facebook. Genimax stated that they have copied their source code and developed rift headset. So genimax filed a case in court at Texas.

The court has penalized the members who are involved in this. The court ordered lucky who is a co-founder of Akulas with a fine of $50 million and the executive of Akulas with $150 million dollars as compensation. But genimax stated that they have broken the agreement and also stolen valuable information about the technology with an USB.

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In this case, genimax claimed that they need $4 billion dollars as compensation. But court has ordered $500 million dollars as compensation as of now. In 2014, Facebook acquired Akulas for $2 billion dollars. Earlier Facebook CEO Mark Zuckerberg stated that they would invest more money in virtual reality.

 

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Facebook penalized with a fine of $500 million (Rs 3000 crores) by American court
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Facebook penalized with a fine of $500 million (Rs 3000 crores) by American court
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Facebook which has become one of the most powerful social media channel in the world has increased its revenue by 51% recently and earned $8 billion. But it has got a big shock by American court.
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Srinivas

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