From Breakingviews - Meta becomes cross-border tech mascot
A security guard stands watch by the Meta sign outside the headquarters of Facebook parent company Meta Platforms Inc in Mountain View, California, U.S. November 9, 2022. REUTERS/Peter DaSilva/File Photois acting as a Big Tech mascot in a cross-border decision about the transfer of data. A European Union privacy regulator charged the $630 billion social media giant a record fine over its transfer of Facebook user data from Europe to servers in its home country, the United States. The $1.
The decision, handed down from the Irish Data Protection Commission, gives Meta until October to completely cease moving data from Europe to the United States. That would be such an onerous task that it could tempt Meta to consider halting Facebook’s operations in Europe, which account for some 10% of ad revenues.
The costs of a stalemate would be steep. Roughly one-fifth of Meta’s overall revenue, which was $116 billion last year, comes from the EU, as does nearly 30% of income at its rival, Google parent Alphabet . So it’s unlikely that U.S.-based tech companies decide Europe isn’t worth the trouble. Rather, the tension between data and the cross-border watchdogs can become more troubling for U.S.-based Big Tech.On May 22, the European Union’s lead privacy regulator fined Meta Platforms $1.3 billion for its handling of user information. The decision gives Meta five months to stop transferring users’ data to the United States.
In March 2022, the U.S. and European Commission presidents announced they had reached an agreement on a new framework to facilitate transatlantic data transfers. The European Commission published a draft of this agreement in December 2022, which is currently being reviewed for adoption by EU officials.Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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