The possible “closure” of Facebook and Instagram in European Union countries was welcomed by European leaders, who said they would live very well without Meta. Meta’s threat to Europe caused the company’s stock to fluctuate.
Earlier this week, Meta issued a warning saying it may shut down its services for this continent if Europe does not allow it to make transatlantic data transfers. In its annual report to the US government agency, Meta stated that unless a new framework is adopted, the company will have to stop offering its most important products and services to the EU.
Zuckerberg’s European threat was harshly received by the leaders
German leaders, on the other hand, did not hold back against Facebook’s warning and responded by telling Zuckerberg to take this action. “After the hack, I lived without Facebook and Twitter for four years and life was great,” Robert Habeck, Germany’s new economy minister, told reporters at a meeting in Paris. said.
Speaking with his German counterpart, French Finance Minister Bruno Le Maire said, “I can confirm that without Facebook, life would be very good and we would live very well.” he added. According to Bruno Le Maire, digital giants must understand that the European continent will resist and affirm its sovereignty.
The responses follow Meta’s statement in its annual report that transatlantic data transfers for its social networks are a significant challenge. For those who don’t know, the EU Commission does not allow user data in Europe to be moved to the United States and requires data to be stored in Europe.
These statements about the social media giant led to a terrible period for its shares. After weak quarterly earnings and a gloomy outlook, the Meta was down last week and stock prices fell 26%. This drop marked the largest daily loss in market cap in Meta’s history.
In the statement made by Meta spokesperson, it was stated that they have no plans to withdraw from Europe and that Meta and many other organizations rely on data transfers between the EU and the USA. “Like other companies, we followed European rules and implemented Standard Contractual Clauses for a global service.” said.
How do you interpret this tension between Meta and AB? You can share your views with us in the comments section and on the SDN Forum.
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