Meta Fined $1.3 Billion Over Data Transfers to U.S.

15
Comment
Favorite

Meta Fined $1.3 Billion Over Data Transfers to U.S.

The Wall Street Journal2023-05-22

Facebook owner Meta Platforms was fined $1.3 billion by European Union privacy regulators for sending user information to the U.S., according to people familiar with the matter, a record for the bloc....

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

KLKC
·2023-05-22
Not about money. Double standard
Reply
2
Report
runningjames
·2023-05-22
No worries, meta got alot money since layoff and stock up rapidly [Happy]
Reply
4
Report
Fold Replies
- Chou93:
  ok
  2023-05-22
  Reply
  Report
- Chou93:
  okk
  2023-05-22
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1132742589?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-05-22 16:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1132742589","market":"us","top_or_hot":-1,"title":"Meta Fined $1.3 Billion Over Data Transfers to U.S.","media":"The Wall Street Journal","content":"<div>\n<p>Facebook owner Meta Platforms was fined $1.3 billion by European Union privacy regulators for sending user information to the U.S., according to people familiar with the matter, a record for the bloc....</p>\n\n<a href=\"https://www.wsj.com/articles/meta-fined-1-3-billion-over-data-transfers-to-u-s-b53dbb04?mod=hp_lead_pos1\">Source Link</a>\n\n</div>\n","source":"wsj_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meta Fined $1.3 Billion Over Data Transfers to U.S.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeta Fined $1.3 Billion Over Data Transfers to U.S.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-05-22 16:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/meta-fined-1-3-billion-over-data-transfers-to-u-s-b53dbb04?mod=hp_lead_pos1><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Facebook owner Meta Platforms was fined $1.3 billion by European Union privacy regulators for sending user information to the U.S., according to people familiar with the matter, a record for the bloc....</p>\n\n<a href=\"https://www.wsj.com/articles/meta-fined-1-3-billion-over-data-transfers-to-u-s-b53dbb04?mod=hp_lead_pos1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"META","symbol_name":"Meta Platforms","start_time":0,"source_url":"https://www.wsj.com/articles/meta-fined-1-3-billion-over-data-transfers-to-u-s-b53dbb04?mod=hp_lead_pos1","article_id":"1132742589","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1132742589","pubTimestamp":1684744925,"sourceInfo":{"source_id":"wsj_highlight","name":"The Wall Street Journal"},"weMediaInfo":null,"summary":"Facebook owner Meta Platforms was fined $1.3 billion by European Union privacy regulators for sendin","collect":0,"end_time":0,"defaultTopTitle":"wsj.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"META":"Meta Platforms"},"translate_title":"Meta因向美国传输数据被罚款13亿美元","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"META":0.9},"content_text":"Facebook owner Meta Platforms was fined $1.3 billion by European Union privacy regulators for sending user information to the U.S., according to people familiar with the matter, a record for the bloc.The ruling, expected to be announced later Monday, raises pressure on the U.S. government to complete a deal that would allow Meta and thousands of multinational companies to keep sending such information stateside.Meta’s top privacy regulator in the EU is expected to say that Facebook has for years illegally stored data about European users on its servers in the U.S., where it contends the information could be accessed by American spy agencies, those people and others said.The fine surpasses the previous record of 746 million euros, or $806 million, under the General Data Protection Regulation against Amazon in Luxembourg in 2021 for privacy violations related to its advertising business. The company has appealed that decision in Luxembourg courts.Meta didn’t immediately comment.In addition to imposing a fine, Monday’s decision also orders Meta to stop sending information about European Facebook users to the U.S., and delete data already sent, within six months, the people said, though Meta could avoid that if Washington completes a trans-Atlantic agreement with the EU to allow data transfers before then.Meta, alongside many other U.S.-based tech companies, moves data from Europe to the U.S., where the company operates its main data centers to offer its services.In the absence of the ability to store data about users in the U.S., Meta could try to re-engineer its systems to keep much of Europeans’ personal information in Europe, but such a project would be extremely complex, people close to the company have said. Meta has said in securities filings that if ordered to suspend transfers, it may have to stop offering services in the EU, where it has declared it has more than 255 million Facebook users. The broader European region accounts for nearly a quarter of Meta’s revenue.Meta has previously said it welcomes progress that EU and U.S. policy makers have made on completing a new trans-Atlantic data deal, and has said the case is a broader one with an impact far beyond Facebook.Ireland’s Data Protection Commission declined to comment. The commission, which is slated to issue Monday’s decision, leads the enforcement of the EU’s GDPR for Meta because the company’s European headquarters are in Dublin.The fine and suspension order are the biggest step that EU regulators have taken thus far to enforce a 2020 ruling about data transfers from the bloc’s top court. That ruling restricted how companies such as Meta can send personal information about Europeans to U.S. soil, because it found that Europeans have no effective legal way to challenge American government surveillance.That case, filed by privacy activist Max Schrems, was the second time in a decade that a trans-Atlantic EU-U.S. data deal was struck down over questions of surveillance.The U.S. has said its surveillance practices are proportionate but has also moved to give Europeans more ability to challenge them in an effort to bridge the gap with the EU.While Monday’s expected decision covers only Facebook, not Meta’s other properties, some of the people said the issues underlying it affect Meta’s other units—as well as thousands of other multinational companies that store or access data about Europeans from computers inside the U.S.Hanging in the balance are tens if not hundreds of billions of dollars in trade in industries such as advertising, artificial intelligence, human resources, and cloud services.The U.S. and EU have been trying to fix a hole left by the 2020 court decision by creating a new trans-Atlantic data deal. Under that deal, first agreed in principle in 2022, the EU would lift many of the restrictions on companies sending data to the U.S., provided the U.S. addressed the concerns raised by the EU court—for instance by giving Europeans new rights to appeal surveillance.The replacement deal still hasn’t been officially completed by EU officials because they say the U.S. government hasn’t fully implemented its end of the bargain. At the same time, some European politicians have said they think the deal should be further renegotiated.Monday’s decision is expected to give Meta six months to bring its handling of European Facebook users’ data into compliance with the GDPR’s data-transfer rules, the people said. A completed data transfer agreement between the EU and U.S. would allow the company to satisfy that requirement, people familiar with the decision said. But such a deal wouldn’t erase the €1.2 billion fine, which covers past transfers.Ireland’s Data Protection Commission is planning to issue Monday’s decision after years of delay, in part from court challenges that Meta launched against a 2020 draft order for Meta to suspend its transfers. A board representing all privacy regulators in the bloc last month ordered the Irish regulator to add a significant fine and broaden the scope of the suspension after objections from other EU regulators, some of the people said.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9970558578,"gmtCreate":1684745921894,"gmtModify":1684746221312,"author":{"id":"4098590396498660","authorId":"4098590396498660","name":"KLKC","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Not about money. &nbsp;Double standard&nbsp;","listText":"Not about money. &nbsp;Double standard&nbsp;","text":"Not about money. Double standard","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9970558578","repostId":1132742589,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9970558129,"gmtCreate":1684745620061,"gmtModify":1684745624523,"author":{"id":"4117336023184202","authorId":"4117336023184202","name":"runningjames","avatar":"https://community-static.tradeup.com/news/3467c93ce8ec8c583f28f405e68f0c00","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":2,"crmLevelSwitch":1},"htmlText":"No worries, meta got alot money since layoff and stock up rapidly&nbsp;[Happy]&nbsp;","listText":"No worries, meta got alot money since layoff and stock up rapidly&nbsp;[Happy]&nbsp;","text":"No worries, meta got alot money since layoff and stock up rapidly [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/9970558129","repostId":1132742589,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":106369763,"gmtCreate":1684748094213,"gmtModify":1684748100707,"authorId":3573702517760821,"author":{"id":3573702517760821,"authorId":3573702517760821,"name":"Chou93","avatar":"https://static.tigerbbs.com/da0d57ab58055f8c2c7aa96613e46a29","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.79%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970558129,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"},{"id":106369764,"gmtCreate":1684748097593,"gmtModify":1684748100188,"authorId":3573702517760821,"author":{"id":3573702517760821,"authorId":3573702517760821,"name":"Chou93","avatar":"https://static.tigerbbs.com/da0d57ab58055f8c2c7aa96613e46a29","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.79%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":2,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9970558129,"type":1,"supId":0,"prevId":0,"content":"okk","text":"okk","html":"okk"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":15,"commentSize":0,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}