Meta reveals intention to completely withdraw Facebook and Instagram from Europe if user data can not be shared
It was reported that Meta, which newly operates Facebook, has indicated that it will have to withdraw Facebook and Instagram from Europe if it becomes impossible to share user data with the US side based on the Schrems II decision. ..
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549
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iTWire --Meta threatens to pull Facebook and Instagram from Europe if it can't target ads
https://itwire.com/listed-tech/meta-threatens-to-pull-facebook-and-instagram-from-europe-if-it-can-t-target-ads.html
Meta preti da će povući Facebook i Instagram iz Evrope --Telegraf.rs
https://www.telegraf.rs/hi-tech/internet/3454773-meta-preti-da-ce-povuci-facebook-i-instagram-iz-evrope
In July 2020, the EU Supreme Court, the EU Court of Justice, ruled that the 'Privacy Shield', a rule regarding the transfer of personal information between the United States and the EU in 2016, was invalidated. This ruling is due to the fact that the Privacy Shield does not comply with the EU General Data Protection Regulation (GDPR) introduced in 2018, and even in the United States where information is transferred, the same level of personal information law as GDPR It was said that the transfer of personal information would not be permitted unless was introduced.
Judgment that the rule for transferring personal information to the United States is invalid, European Court of Justice: Nihon Keizai Shimbun
https://www.nikkei.com/article/DGXMZO61603290W0A710C2FF8000/
RIETI --Consideration of the impact of the Schrems II case decision of the European Court of Justice on cross-border data distribution-focusing on the impact on the DFFT concept promoted by Japan-
https://www.rieti.go.jp/jp/publications/summary/21070017.html
The ruling was called 'Schrems II' by the name of the person who filed the complaint, and was said to affect large, well-known US-based companies such as Facebook, Google, Microsoft, and Amazon. In July 2021, one year after Schrems II, a new rule ' Standard Contractual Clauses (SCC)' regarding the transfer of personal information appeared, and even in this SCC, Meta 'keeps SCC but adheres to GDPR'. Has not been achieved. '
Meta has newly stated in its annual report to the Securities and Exchange Commission that it has no choice but to withdraw Facebook and Instagram from Europe. According to Meta, as mentioned above, EU judiciary authorities have indicated that they are 'not in compliance with the GDPR' regarding the transfer of personal information on Facebook and Instagram, and have already 'stopped the transfer of personal information' to Meta. It is said that a preliminary draft is being sent. Meta said that official notifications on this matter would arrive as early as early 2022, saying, 'If the new personal information transfer method is not accepted and the current SCC-based method or even other alternatives are rejected, Facebook or We believe that our most important products and services, including Instagram, will not be available in the EU and will have a significant negative impact on our business, financial condition and performance. '
Most recently, Meta reported in February 2022 that the number of monthly active users, which had been on the rise since its establishment, turned to a decline for the first time, and as a result, the stock price plummeted by more than 20% in just one day and the market capitalization increased. The tragic news continues, such as breaking the $ 232 billion (about 2.67 trillion yen) 'world record of market capitalization lost in one day'.
Finally, the number of Facebook users declines for the first time, the stock price plummets by 20% --GIGAZINE
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