Connect with us

Hi, what are you looking for?

Investing

EU regulator slaps Meta Platforms with highest-ever fine

Meta Platforms Inc (NASDAQ: META) is in focus today after European privacy regulators announced a €1.2 billion ($1.3 billion) penalty on the tech behemoth.

Meta has violated the region’s GDPR

On Monday, the Irish Data Protection Commission found the Nasdaq-listed firm in contempt of GDPR – the General Data Protection Regulation of the European Union.

The regulator also told Meta Platforms to terminate “any future transfer of personal data to the U.S.” within five months to protect its citizens from U.S. surveillance.

€1.2 billion is the highest the Irish data watchdog has ever fined a company for breaching GDPR. The news arrives only weeks after the multinational reported a strong first quarter and issued upbeat guidance for the future.

Meta stock has roughly doubled since the start of the year.

Meta’s response to the regulator’s decision

Also on Monday, Meta Platforms Inc confirmed that it plans on appealing the decision and the fine. According to Jennifer Newstead, its Chief Legal Officer and Nick Clegg, President of Global Affairs:

We’re appealing these decisions and will immediately seek a stay with the courts who can pause implementation deadlines, given harm these orders would cause, including to millions of Facebook users.

Last year, the European Union “in principle” agreed with the United States on a new framework for data transfer. The new pact, though, is yet to go live.

If the said agreement goes into effect before the regulator’s deadline, Meta Platforms can continue its services in the bloc as is, Newstead and Clegg confirmed in a blog post today. Wall Street currently has a consensus “overweight” rating on Meta stock.

The post EU regulator slaps Meta Platforms with highest-ever fine appeared first on Invezz.

You May Also Like

Latest News

President Biden is asking Congress to approve nearly $100 billion in emergency funding to aid recovery efforts for the recent deadly storms that ravaged...

Stock

One hallmark of secular bull markets is rotation. When leading stocks, sectors, and industry groups falter, there needs to be others that grab the...

Latest News

Vice President Kamala Harris spent a whopping $1.5 billion during her 15-week campaign that ended in defeat to President-elect Donald Trump, including burning through...

Latest News

Activists on Saturday demanded that the state of California pay millions of dollars to each Black resident in reparations as a way to make...



Disclaimer: Frequencytraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Frequencytraders.com