This fine is not for everything unethical Facebook ever did. This fine is for Facebook giving data to Cambridge Analytica. I don’t think Facebook got paid for that at all. When trying to google around for what people paid CA for the use of the data, I found numbers in the hundreds of thousands.
So in fact, Facebook is paying billions because they made a bad decision when choosing to grant access to data for research. That’s a lot of money. I think if you’d asked what a likely fine was when the story broke, people would have guessed a few million dollars.
> Facebook is paying billions because they made a bad decision when choosing to grant access to data for research
For clarity, Facebook didn't "choose to grant access to data" specifically to Cambridge Analytica. It used to be the case that Facebook's API would let the client app see all the information a FB user could see once they authorized it, including information about their friends. That's what CA exploited.
So in fact, Facebook is paying billions because they made a bad decision when choosing to grant access to data for research. That’s a lot of money. I think if you’d asked what a likely fine was when the story broke, people would have guessed a few million dollars.