Meta fined more than $400 million for violations of EU declarations
Meta was recently fined nearly $400 million for problems associated with advertising to EU citizens.
Meta fined for violating EU consumers
A long-running legal saga between Meta, the European Union and Ireland came to a spectacular end today, with Ireland imposing fines of nearly $414 million on Meta. According to the reports, Meta has been accused of allegedly illegally requiring its customers to adhere to certain targeted and personalized ads.
A breakdown of the fines indicates that Meta will pay a fine of $223 million for Facebook-related violations and another $191 million for Instagram-related violations.
In November, the Irish Data Protection Commission fined Meta €265 million for targeted scraping. The accusations date back to 2018, when complaints were made that Meta did not comply with the rules of the General Data Protection Regulation (GDPR).
The defendants argue that the Meta Service’s terminology was so complex that users had insufficient clarity about what was happening with their data. GDPR rules state that companies must not keep any personal information without citizens’ permission.
Hefty fines may be a precursor to a future ban on targeted advertising. However, this ruling may force Meta to change its advertising policy, especially in the European Union.
Failed Meta developments in web3
Meta has, in the recent past, made rapid developments in the web 3 landscape. Starting with the failed launch of the Libra stablecoin, Facebook subsequently rebranded it to Meta in 2021.
However, even their Metaverse quest has failed miserably since its inception. The company came under heavy criticism when it rebranded the company to Meta, as many felt the idea didn’t make sense.
Twitter account of The Daily Show Posted that nobody asked to upgrade Facebook.
In another critique, Alexandria Ocasio-Corteztweet;
“Meta as in” We are a cancer of democracy moving into a global surveillance and propaganda machine to strengthen authoritarian regimes and destroy civil society… for profit! “
Alexandria Ocasio-Cortez, US House of Representatives.
Yet despite the frustration and backlash, Mark Zuckerberg, CEO of the company, still maintains his meta-ambitions.