Meta warned US officials this week that if a new data sharing agreement cannot be reached between the US and the EU, the social media giant may be forced to shut down or significantly change services like Facebook and Instagram in Europe.
In an annual report prepared by Meta Platforms for the Securities and Exchange Commission, Meta explains how the lack a data sharing agreement between the United States and the European Union that expired in 2020 threatens to severely hamper, if not shut down completely, Meta’s ability to offer popular platforms like Facebook and Instagram within the EU.
The report warns that any new changes to the way data is allowed to be shared between the two continents may lead to the worst-case scenario, in which millions of European users lose access to two of the biggest social media platforms in the world. Meta further explains this type of change would sharply affect its bottom line.
“If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs 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,” it wrote.
ARTICLE: LAURA SPIVAK
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: MTLTIMES.COM
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