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

Facebook ceo penalized

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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