European Union countries Facebook and your Instagram Its possible “closure” was welcomed by European leaders, who said they would live very well without Meta. Meta threatens Europecaused the company’s shares to fluctuate.
Earlier this week, Meta issued a warning saying it could shut down its services for this continent if Europe didn’t 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.
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Zuckerberg’s European threat received harshly by leaders
German leaders, on the other hand, did not hold back to Facebook’s warning and responded by telling Zuckerberg to take this action. Germany’s new economy minister Robert Habeck“After being hacked, I lived without Facebook and Twitter for four years and life was great,” he told reporters at a meeting in Paris. said.
French Finance Minister speaking with his German counterpart Bruno Le Maire “I can confirm that without Facebook, life would be beautiful 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.
Answers for their social networks in Meta’s annual report transatlantic data transfers came after his statement that there was 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 gains and a gloomy outlook, Meta has been on the decline this past week. stock prices fell 26%. This drop marked the largest daily loss in market cap in Meta’s history.
In the statement from the Meta spokesperson, withdraw from Europe It was stated that they do not have such a plan, Meta and many other organizations rely on data transfers between the EU and the USA. “Like other companies, we have complied with European rules and are committed to a global service. Standard Contractual Clauses We implemented it.” said.
But how do you interpret this tension between Meta and EU? You can share your views with us in the comments section and on the SDN Forum.