Meta backs down from Euro exit

Stefan Mileschin · 9th February 2022, 15:15

It turns out too many people thought it was a good idea

The social notworking site formerly known as Facebook has denied throwing its toys out of the pram and threatening to leave Europe over its data retention laws.

In the companies investor statement, Facebook said:

"If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on Standard Contractual Clauses [now also subject to new judical scrutiny] or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe, which would materially and adversely affect our business, financial condition, and results of operations."

That was reported as Facebook threatening to pull out of the EU if its demands on data transfer were not met. Unfortunately for Facebook a lot of Europeans thought a Europe without Facebook would be a good idea and this worried Facebook’s jittery investors even further.

https://fudzilla.com/news/54347-meta...from-euro-exit

9th February 2022, 15:15	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 153,575	Meta backs down from Euro exit It turns out too many people thought it was a good idea The social notworking site formerly known as Facebook has denied throwing its toys out of the pram and threatening to leave Europe over its data retention laws. In the companies investor statement, Facebook said: "If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on Standard Contractual Clauses [now also subject to new judical scrutiny] or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe, which would materially and adversely affect our business, financial condition, and results of operations." That was reported as Facebook threatening to pull out of the EU if its demands on data transfer were not met. Unfortunately for Facebook a lot of Europeans thought a Europe without Facebook would be a good idea and this worried Facebook’s jittery investors even further. https://fudzilla.com/news/54347-meta...from-euro-exit

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