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Whoa this sounds pretty serious. It asks these companies to self report safety incidents and creates a “channel” for whistleblowers.
That’s some serious hammer dropping. 🙄
Of course they did because this is just the Democratic version of what Republicans do with regulatory capture. They just like to dress their version up with a facade of “consumer protections” when the law doesn’t actually protect anyone or improve anything.
This part right here makes it laughably simple for these companies to circumvent this law considering so many of these companies are operating at a loss. And it would only takes some creative accounting for them to just barely make just not enough to qualify.
If my company made a billion dollars while losing 10 billion dollars, I still had a billion dollars in revenue. I just also happened to piss away 9 more billion dollars than I made.
Hell, if you did that, you could make a 100 billion IPO, with today’s market.
Revenue and profit/loss are not the same thing. Revenue only counts the money they bring in BEFORE any expenses or losses, and is used precisely to avoid the issue you raised. That said, it is still possible to get around it, but it’s not quite as trivial as just spending more.
“operating at a loss” =/= “low revenue”