Meta said it intends to appeal the decision.
Facebook and Instagram parent Meta was hit with $414 million in fines by European Union regulators Wednesday for violating privacy laws in a potential blow to the social media company’s lucrative digital advertising strategy.
Regulators instructed Meta to bring its data practices within the country into compliance within a three-month period, according to the DPC. The ruling could have major implications for Meta’s operations if users are eventually able to “opt out” of certain ads.Europe is a key market for Meta, which has long relied on ad revenue to bolster its bottom line. The company earned $118 billion in ad revenue in 2021 alone.
Meta argued that regulators have failed to provide “clarity” on what constitutes an appropriate legal basis for data processing in Europe.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meta to decide whether to lift Donald Trump Facebook ban ‘in the coming weeks’Trump was banned from Facebook following the Jan. 6, 2021 rioting at the US Capitol.
Read more »
Meta Weighs Reinstating Trump’s Facebook Account After 2-Year Ban—Here’s How It Will WorkFacebook parent company Meta is considering whether to allow former President Donald Trump back on the social media platform in the next few weeks, roughly two years after he was banned in the wake of the January 6 insurrection at the U.S. Capitol.
Read more »
Meta Weighs Reinstating Trump’s Facebook Account After 2-Year Ban—Here’s How It Will WorkFacebook parent company Meta is considering whether to allow former President Donald Trump back on the social media platform in the next few weeks, roughly two years after he was banned in the wake of the January 6 insurrection at the U.S. Capitol.
Read more »
Meta Fined More Than $400 Million for Serving Ads Based on Online ActivityEuropean regulators ruled the Facebook and Instagram parent can’t use its contracts with users to justify sending them ads based on their online activity, a blow to the digital-advertising industry.
Read more »
Meta fined more than $400 million by Irish regulator over EU privacy breachesThe Irish Data Protection Commission fined Meta over $400 million Wednesday after finding its Facebook and Instagram services breached EU privacy rules.
Read more »
Best stocks to buy in 2023, including Meta Platforms: RBCBuy these 30 stocks that are all on track to outperform a 'flattish' market in 2023, according to RBC, which says it's safe to bet on Facebook parent Meta this year
Read more »