EU Privacy Regulator May Slap Amazon Over $425M Fine For Alleged GDPR Violation: WSJ - Amazon.com (NASDAQ:AMZN)

Luxembourg’s data-protection commission, the CNPD, has proposed a penalty of over $425 million against Amazon.com Inc AMZN in a draft decision for alleged violations of Europe’s General Data Protection Regulation (GDPR) linked to Amazon’s collection and use of individuals’ personal data, the Wall Street Journal reported.
The penalty is not related to its cloud-computing business, Amazon Web Services. The fine represents 2% of Amazon’s reported net income of $21.3 billion for 2020 and 0.1% of its $386 billion in sales.
Regulators can fine up to 4% of a company’s annual revenue for certain violations under the GDPR.
The EU privacy regulator has received a few objections, including a higher penalty. Luxembourg can either resolve complaints harmoniously or discard them and prompt a debate and vote among every EU privacy regulator at the European Data Protection Board.
Price action: AMZN shares traded higher by 1.38% at $3,326.18 on the last check Thursday.