Facebook owner Meta was given a billion-dollar fine for transferring millions of users’ data to the US, in breach of EU regulations.
Facebook owner Meta was hit by a record €1.2 billion European Union privacy fine and given a deadline toafter regulators said it failed to protect personal information from the American security services.
Meta shares advanced 2.8 per cent at 9:55 a.m. in New York, more than quadruple the Russell 3000 Index Computer Services Subsector. Monday’s decision is the latest round in a long—running saga that eventually saw Facebook and thousands of other companies plunged into a legal vacuum. In 2020, the EU’s top court annulled an EU-US pact regulating transatlantic data flows over fears citizens’ data wasn’t safe once it arrived on US servers.
Meta said it would appeal the Irish decision, describing it as “flawed” and “unjustified.” The company also promised to “immediately” seek a suspension of the banning orders, saying they would cause harm to “the millions of people who use Facebook every day.”
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