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By Jennifer Popplewell • Published: 19 Jan 2024 • 8:58 • 1 minute read
Caution to the CEO Mark Zuckerberg Credit: Shutterstock1098814604
Famous for being one of the richest men in the world, Mark Zuckerberg may now be facing some financial trouble with his company, Meta Platforms.
Due to the strict European General Data Protection Regulation (GDPR), many companies are feeling the effect of authorities currently striving to uphold the highest data privacy standards, and Meta Platforms (NASDAQ: META) is emerging as one of the most affected from the implementation of these regulations.
As of January 17, data shows that Meta and its affiliated subsidiaries have accrued fines totalling $2.8 billion over a span of four years due to multiple GDPR breaches.
The largest fine, which totalled at $1.3 billion, was imposed on Meta Platforms Ireland Limited in May 2023 for insufficient legal basis for data processing.
Meta Platforms, Inc. incurred the second-highest fine, amounting to $441.45 million in September 2022, while the third-largest penalty of $425.1 million was imposed on Meta Platforms Ireland Limited in January 2023. The fourth-largest fine, totalling $288.85 million, was recorded in November 2022, also against the Ireland entity.
Other fines included WhatsApp Ireland in September 2021 ($245.25 million), Facebook Ireland in December 2021 ($65.4 million), Meta Platforms Ireland Limited in March 2022 ($18.53 million), WhatsApp Ireland in January 2023 ($5.9 million), and Facebook Germany GmbH in December 2019 ($55,590).
The research report that explored these fines of the Mark Zuckerberg-led company stated that:
“The fines levied on Meta are mainly based on the requirement for companies to store data in the country where it is collected rather than permitting unrestricted movement to global data centres. Notably, imposing fines does not necessarily mean that Meta will pay them, as the company currently has pending appeals. Successful appeals could lead to a reduction or complete elimination of the fines.”
Indeed, these fines should serve as a cautionary tale for even the most profitable of companies, especially those dealing with vast amounts of data. Despite existing laws, the landscape of data and privacy remains an evolving domain, leaving room for additional regulations in the future.
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Jennifer is a proud northerner from Sheffield, England, who is currently living in Spain. She loves swimming in rivers, talking to the stars and eating luxurious chocolate.
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