https://12ft.io/proxy?q=https://www.smh.com.au/politics/federal/social-media-giants-to-face-multimillion-dollar-fines-for-spreading-fake-news-20230623-p5dj07.html
All penalties for to large organizations should be based on global turnover. Not only that, they should have a third metric which is based off the calculated benefit the company gained by breaking the regulation.
So if Meta complains it would cost $X to moderate effectively, they should be fined $X * 3 or whatever. If Amazon saves $500B by misclassifyjng its drivers as contractors, they should be fined $1.5T. If the company needs to file for bankruptcy because it was based on illegal practices, so be it.