Anyone read this and imagined the Facebook lawyers saw this clause, and said to Mark "Yes, the ROI on providing misleading information is completely in Facebook's favor"
This law fails on both counts. No investor/shareholder will actually worry about this paltry fine. All other companies will take notice and decide that the penalty cost of infraction is much smaller than the opportunity cost of expansion. This is the kind of precedent that emboldens companies to do as they please.
Of course, all this assumes that governments and top tech companies don't have some mutual back scratching agreements going on.
The possible gains due to all the loopholes are a big part of the problem. Seems that businesses like Facebook are incentivized to do the wrong thing.
But they also have to face the backlash of their actions. Though this sanction is barely going to deter any business from lying again, maybe public perception will.