META Stock Alert: EU Regulators Hit Meta Platforms With Record Fine
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Metaplatforms (NASDAQ:META) The action made headlines on Monday after the social media company was hit with a massive fine by EU regulators.
The big news here is that the Irish Data Protection Commission says Meta Platforms hasn’t done enough to protect user privacy. This includes its ongoing transfer of data from Europe to the United States.
This caused the EU to slap Meta Platforms with a record $1.3 billion fine for its failing data security. To go along with this, Meta Platforms has five months to fix the issue or risk being locked in the region.
Facebook’s parent company is unhappy with the EU ruling and plans to appeal. Specifically, he wants to end the potential ban because he thinks it could negatively affect “millions of people who use Facebook.” Bloomberg Remarks.
Meta responds with a statement
Here’s some of what Meta Platforms had to say about the EU court rulings and fines.
“At a time when the internet is fracturing under pressure from authoritarian regimes, like-minded democracies should work together to promote and champion the idea of an open internet. No country has done more than the United States to align with European rules via their latest reforms, while transfers continue largely unchallenged to places like China.
META stock is up 3% on Monday morning despite the EU fine.
Investors looking for even more stock market news are in luck!
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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.