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Meta Platforms (NASDAQ:META) stock is in the news Monday after the social media company was hit with a massive fine from European Union (EU) regulators.
The big news here is the Irish Data Protection Commission claiming that Meta Platforms didn’t do enough to protect user privacy. That includes its continued transfer of data from Europe to the United States.
This has the EU slapping Meta Platforms with a record $1.3 billion fine for its failed data security. To go along with that, Meta Platforms has five months to correct the matter or risk being blocked in the region.
The Facebook parent company isn’t happy about the EU’s decision and plans to appeal it. Specifically, the company wants to stop the potential ban as it believes it could have negative effects on “millions of people who use Facebook every day,” Bloomberg notes.
Meta Responds With a Statement
Here’s a portion of what Meta Platforms had to say about the EU fine and legal decisions.
“At a time where the internet is fracturing under pressure from authoritarian regimes, like-minded democracies should work together to promote and defend the idea of the open internet. No country has done more than the US to align with European rules via their latest reforms, while transfers continue largely unchallenged to countries such as China.”
META stock is up 3% Monday morning despite the EU fine.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2023/05/meta-stock-alert-eu-regulators-slap-meta-platforms-with-record-fine/.
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