Facebook's era is really over

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gifftake
2022-02-08

Facebook's era is really over now. Their platforms are dated and they have little new content. Whatever they are trying to buy is also blocked.

Meta Renews Warning to EU It Will Be Forced to Pull Facebook

European regulators are currently re-working data regulationsCompany said exit may be option if it c

Meta Renews Warning to EU It Will Be Forced to Pull Facebook

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Aoyjai
·2022-02-08
Meta coming
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Their platforms are dated and they have little new content. 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The stock suffered a 26% plunge Thursday over fears about Facebook’s outlook, which produced the biggest value wipeout in stock market history. Meta shares fell as much as 4.5% in trading in New York on Monday.</p><p>“Digital giants must understand that the European continent will resist and affirm its sovereignty,” French Finance Minister Bruno Le Maire said in Paris on Monday.</p><p>The European Commission said data transfer negotiations with Washington have intensified, but they “take time given also the complexity of the issues discussed and the need to strike a balance between privacy and national security,” a commission spokesperson wrote in a statement to Bloomberg on Monday.</p><p>“Only an arrangement that is fully compliant with the requirements set by the EU court can deliver the stability and legal certainty stakeholders expect on both sides of the Atlantic,” the spokesperson added.</p><p><b>Intensifying Discussions</b></p><p>Privacy campaigner Max Schrems has long been challenging Facebook in the Irish courts -- where the social media company has its European base -- arguing that EU citizens’ data is at risk the moment it gets transferred to the U.S.</p><p>In 2020, Facebook sought a judicial review of the Irish Data Protection Commission’s preliminary decision that the company may have to halt trans-Atlantic data transfers using standard contractual clauses.An Irish court last year rejected the social network’s challenge, saying it didn’t establish “any basis” for calling into question the Irish watchdog’s findings.</p><p>Data protection authorities are increasingly scrutinizing these kinds of supplementary security measures that have allowed companies to send data back and forth in the absence of a new agreement, according to Patrick Van Eecke, a partner and head of cyber and data at law firm Cooley LLP.</p><p>“I am not surprised companies outside of Europe are reconsidering whether or not it makes sense to continue offering services to the European market as there are not many options left any longer,” said Van Eecke.</p><p>It is not the first time Facebook has threatened to withdraw its services. In 2020 it said it plans to block people and publishers in Australia from sharing news, in an attempt to push back against a proposed law forcing the company to pay media firms for their articles.</p><p>The company has also previously affirmed its commitment to Europe.</p><p>Nick Clegg, the company’s head of global affairs, said at an event in 2020: “Let me also be absolutely crystal clear. We have absolutely no desire, no wish, no plans to withdraw our services from Europe. Why would we?”</p></body></html>","source":"lsy1584095487587","collect":0,"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 Renews Warning to EU It Will Be Forced to Pull Facebook</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; 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The stock suffered a 26% plunge Thursday over fears about Facebook’s outlook, which produced the biggest value wipeout in stock market history. Meta shares fell as much as 4.5% in trading in New York on Monday.“Digital giants must understand that the European continent will resist and affirm its sovereignty,” French Finance Minister Bruno Le Maire said in Paris on Monday.The European Commission said data transfer negotiations with Washington have intensified, but they “take time given also the complexity of the issues discussed and the need to strike a balance between privacy and national security,” a commission spokesperson wrote in a statement to Bloomberg on Monday.“Only an arrangement that is fully compliant with the requirements set by the EU court can deliver the stability and legal certainty stakeholders expect on both sides of the Atlantic,” the spokesperson added.Intensifying DiscussionsPrivacy campaigner Max Schrems has long been challenging Facebook in the Irish courts -- where the social media company has its European base -- arguing that EU citizens’ data is at risk the moment it gets transferred to the U.S.In 2020, Facebook sought a judicial review of the Irish Data Protection Commission’s preliminary decision that the company may have to halt trans-Atlantic data transfers using standard contractual clauses.An Irish court last year rejected the social network’s challenge, saying it didn’t establish “any basis” for calling into question the Irish watchdog’s findings.Data protection authorities are increasingly scrutinizing these kinds of supplementary security measures that have allowed companies to send data back and forth in the absence of a new agreement, according to Patrick Van Eecke, a partner and head of cyber and data at law firm Cooley LLP.“I am not surprised companies outside of Europe are reconsidering whether or not it makes sense to continue offering services to the European market as there are not many options left any longer,” said Van Eecke.It is not the first time Facebook has threatened to withdraw its services. In 2020 it said it plans to block people and publishers in Australia from sharing news, in an attempt to push back against a proposed law forcing the company to pay media firms for their articles.The company has also previously affirmed its commitment to Europe.Nick Clegg, the company’s head of global affairs, said at an event in 2020: “Let me also be absolutely crystal clear. We have absolutely no desire, no wish, no plans to withdraw our services from Europe. 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