In the case of Facebook (FB), the now-completed Irish privacy investigation focused on its WhatsApp subsidiary specifically. After completing the probe, the next step is for Irish authorities to determine whether Facebook’s WhatsApp broke GDPR rules. If the authorities conclude that WhatsApp breached the European Union’s data protection rules, then Facebook would be fined. A company can be fined up to 4.0% of its global revenue for breaking the European Union’s GDPR law. Facebook generated $56 billion in global revenue in 2018. That indicates that Ireland could slap the company with a fine of more than $2.2 billion.

We believe such a fine would come as a huge blow to Facebook’s bank account and development projects. Just a few months ago, the company agreed to pay $5.0 billion to settle a privacy investigation by the FTC. In Turkey, it’s taken on privacy fines exceeding $0.5 million so far in 2019.