Delhi: The Irish Data Protection Commission has ordered Facebook’s parent company Meta to pay two fines totaling €390 million (over Rs 4,35,43,00,000). Facebook’s parent Meta has been fined hundreds of millions by Irish regulators. The Irish privacy regulator concluded that the company’s advertising and data handling practices were in breach of EU-wide privacy law. The Irish Data Protection Commission said that Meta should be ordered to pay two fines. fined €210 million for breaches of the EU’s General Data Protection Regulation (GDPR), and ordered Instagram to pay a €180 million fine linked to GDPR breaches.
Profits fell almost 50 percent
The fine comes at a time when Meta’s profit forecast for 2023 has fallen by almost 50 percent, according to the data. The company’s much-hyped Metaverse push is struggling and performance numbers indicate both users and advertisers are moving away from the platform, perhaps with the exception of Instagram Reels and messaging platform WhatsApp, and Meta which changed its name from Facebook in 2021, rebranding Since then, its share price has seen a drop of about 60 percent.
Changed the terms of service for both Facebook and Instagram
Most importantly, maybe Meta will have to change their apps over the next three months to ensure they don’t take advantage of personal data for advertising. This could be a major blow for the company in terms of how its advertising model works. Meta previously relied on user consent to process this information for the purposes of behavioral advertising but changed the terms of service for both Facebook and Instagram on processing.
