The Luxembourg Data Protection Authority (CNPD) fined Amazon Europe Core in a July 16 ruling. The US Economic Wall Street Journal (WSJ) reported the impending fine in June, referring to sources familiar with the situation. But he said the amount would be about half, more than $425 million.
“We believe the CNPD’s decision is unfounded, and we intend to vigorously defend this matter,” Amazon said. The GDPR requires users’ companies to seek consent before using their personal information. The regulator for Amazon in the European Union, where the company is headquartered in Luxembourg.
The Wall Street Journal wrote in June that the impending fine of $425 million would be the highest ever imposed under the rules. It would make up about 2 percent of Amazon’s $21.3 billion net profit last year, and just over a tenth of a tenth of its $386 billion in revenue.
Amazon is the largest online store in the world. It was founded by Jeff Bezos, who is currently the richest man in the world. His assets, according to Bloomberg, are about $191 billion.
In the second quarter of this year, the company increased its net profit by nearly half a year to $7.78 billion (about 167 billion kroner). However, its sales and forecast for the next quarter fell short of analyst expectations, which led to significant weakness in the company’s shares.
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