Meta Fined $1.3 Billion for Violating E.U. Data Privacy Rules; The New York Times, May 22, 2023

Adam Satariano, The New York Times ; Meta Fined $1.3 Billion for Violating E.U. Data Privacy Rules

"Meta on Monday was fined a record 1.2 billion euros ($1.3 billion) and ordered to stop transferring data collected from Facebook users in Europe to the United States, in a major ruling against the social media company for violating European Union data protection rules...

The ruling, which is a record fine under the General Data Protection Regulation, or G.D.P.R., could affect data related to photos, friend connections and direct messages stored by Meta. It has the potential to bruise Facebook’s business in Europe, particularly if it hurts the company’s ability to target ads. Last month, Susan Li, Meta’s chief financial officer, told investors that about 10 percent of its worldwide ad revenue came from ads delivered to Facebook users in E.U. countries. In 2022, Meta had revenue of nearly $117 billion."