Professor Elam

Thursday Jan 5 2023

hMeta fined for directing specific ads to subscribers

LONDON — European Union regulators on Wednesday hit Facebook parent Meta with hundreds of millions in fines for privacy violations and banned the company from forcing users in the 27-nation bloc to agree to personalized ads based on their online activity.

Ireland's Data Protection Commission imposed two fines totaling 390 million euros ($414 million) in its decision in two cases that could shake up Meta's business model of targeting users with ads based on what they do online. The company says it will appeal.

A decision in a third case involving Meta's WhatsApp messaging service is expected later this month.

Meta and other Big Tech companies have come under pressure from the European Union's privacy rules, which are some of the world's strictest. Irish regulators have already slapped Meta with four other fines for data privacy infringements since 2021 that total more than 900 million euros and have a slew of other open cases against a number of Silicon Valley companies.

Meta also faces regulatory headaches from EU antitrust officials in Brussels flexing their muscles against tech giants: They accused the company last month of distorting competition in classified ads.

Former heroes of bull markets lose their luster as bear markets develop.  Here is a classic example, the former whiz kid is being fined and scolded all over the world.