- Meta Platforms, Inc (NASDAQ:META) will likely face a record European Union privacy fine related to data transfer of Facebook’s EU users to U.S. servers for failing to comply with a warning by a top EU court.
- The EU court warns violation will entail a higher penalty than the previous record €746 million ($821.20 million) fine for Amazon.com Inc (NASDAQ:AMZN), Reuters reports.
- EU regulators led by Ireland’s Data Protection Commissioner Helen Dixon have been finalizing a ban on the legal tool used by Facebook to transfer European user data over privacy concerns.
- In April, they said the Irish DPC had a month to make an order blocking Facebook’s transatlantic data flows. The ban could be effective by mid-May.
- Europe’s highest court ruled in 2020 that an EU-U.S. data transfer agreement was invalid, citing surveillance concerns.
- In 2022, Meta warned against suspending Facebook services in Europe following the ban on its mechanism to transfer data from Europe to the U.S.
- Meta held $37.44 billion in cash and equivalents as of March 31, 2023.
- Price Action: META shares traded lower by 0.23% at $241.92 premarket on the last check Thursday.
- Photo by JD Lasica via Wikimedia
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