Facebook, essentially, runs on advertising revenue. So, when something threatens that stream of cash, the social media giant gets on its muscle and starts to make threats.
The current issue regards information collected on the site which is then used to select ads tailored to specific users’ interests.
That’s the way the algorithm works.
This is an issue with European nations as the private information of their people is not supposed to be used in the United States where the Facebook servers are and where the people who run the platform would prefer to do the processing.
The crucial ‘Privacy Shield’ online data arrangement between Europe and the United States was invalidated in July 2020 in a top EU court decision that threw transatlantic big tech into legal uncertainty.
In its annual report to the US Securities and Exchange Commission, Meta said current EU regulations are preventing data transfer which it says is essential for its operations.
European regulators are currently drafting new laws which will decide how users’ data is transferred to the US. – but they and the US government are still talking through ways to resolve the issue.
It seems that in this case, the talks are ongoing, and the need for revenue at Facebook is acute following a huge tumble of the stock price in the last week.
The social media giant recently saw its worst-ever plunge in market value, after disappointing quarterly results that raised questions about its future.
Up to $200bn was wiped off the value of the company after unexpectedly heavy spending on its Metaverse virtual reality project led to a rare decline in its fourth-quarter profit.
The powers that be at Facebook claim they have no plans to actually leave Europe at this point, but the reality is that their position as well as other social media platforms are rather large issues in the privacy discussions currently going on.
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