Parent company Facebook: no plans to leave Europe

07 Feb. 2022 in FINANCIAL

CEO Mark Zuckerberg has no plans to leave Europe with Meta.


MENLO PARK (AP) – The parent company of Facebook and Instagram has no plans to leave Europe and Meta Platforms does not want that at all. However, the company is concerned about the lack of new agreements on the transfer of data from European users to the United States. If no solution is found, it could lead to Meta no longer being able to offer its services in the EU, the company warned in its annual report.
CEO Mark Zuckerberg has no plans to leave Europe with Meta.


This situation arose because a European judge annulled the American-European agreement on data exchange called the Privacy Shield. According to the court, personal data is less well protected in the US than in Europe. Facebook immediately warned that this step could have consequences for the company. The company relies on the processing of user data to provide targeted online advertisements.
At the beginning of last year, Meta, which was then still called Facebook, put a warning in its annual report. In 2020, Facebook was told by privacy regulators in Ireland that it can no longer use standard contractual clauses to comply with privacy rules when sending data to the US.


The warning does not stand alone, because Meta indicates a range of possible risks in the annual report. This includes further privacy measures from companies such as Apple and Google, but also from governments. In addition, Meta warns, for example, about the risk of problems when keeping its services up and running and the fact that CEO Mark Zuckerberg is also the largest shareholder and therefore has a lot of say. Furthermore, it is pointed out that Meta is viewed less positively by users and that the company will therefore have to make a significant depreciation.
Meta also points out that it is not the only company with a warning in the annual report about the rules regarding the transfer of data. Software group SAP, tech company Siemens and pharmaceutical and consumer goods group GlaxoSmithKline, among others, refer to the situation that arose after the annulment of Privacy Shield.

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