U.S. markets close in 4 hours 17 minutes
  • S&P 500

    4,232.08
    -51.66 (-1.21%)
     
  • Dow 30

    33,731.65
    -267.39 (-0.79%)
     
  • Nasdaq

    12,719.71
    -245.64 (-1.89%)
     
  • Russell 2000

    1,953.63
    -47.09 (-2.35%)
     
  • Crude Oil

    91.04
    +0.54 (+0.60%)
     
  • Gold

    1,762.70
    -8.50 (-0.48%)
     
  • Silver

    19.03
    -0.43 (-2.23%)
     
  • EUR/USD

    1.0052
    -0.0040 (-0.39%)
     
  • 10-Yr Bond

    2.9940
    +0.1140 (+3.96%)
     
  • GBP/USD

    1.1819
    -0.0114 (-0.95%)
     
  • USD/JPY

    136.9750
    +1.1130 (+0.82%)
     
  • BTC-USD

    21,368.63
    -2,106.97 (-8.98%)
     
  • CMC Crypto 200

    507.13
    -34.47 (-6.36%)
     
  • FTSE 100

    7,542.35
    +0.50 (+0.01%)
     
  • Nikkei 225

    28,930.33
    -11.77 (-0.04%)
     

Meta Could Be Forced To Blackout Facebook, Instagram From EU Pending This Agreement: Report

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Facebook parent Meta Platforms, Inc (NASDAQ: META) again threatened to pull its popular Facebook and Instagram services from the European Union, pending a new transatlantic data transfer agreement, Bloomberg reports.

  • Meta could face an imminent data flow ban from Ireland's data protection watchdog that risks impeding transatlantic data flows.

  • The Irish Data Protection Commission could shortly issue its decision on a possible ban on EU-US data transfers.

  • The EU and U.S. in March broke a deadlock to reach a tentative deal on a new data-transfer pact. A top court struck a previous accord over concerns of U.S. agencies spying on the data.

  • Meta reasoned that, pending a new transatlantic data transfer framework, it would be unable to continue to rely on SCCs, preventing it from offering its most significant products and services, including Facebook and Instagram, in Europe.

  • SCCs are an EU-approved data transfer tool that includes specific data protections for personal data and allows companies to ship data outside the bloc without violating the EU's strict data protection rules.

  • The European Data Protection Supervisor had launched two investigations into Amazon.com Inc (NASDAQ: AMZN) and Microsoft Corp (NASDAQ: MSFT), and Meta's cloud computing services to the EU institutions over concerns regarding data transfer to the U.S.

  • Price Action: META shares traded lower by 1.79% at $157.84 on the last check Friday.

See more from Benzinga

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.