Meta Staring At A $100,000 Fine Daily In Norway If It Doesn't Fix Its Privacy Issues
Portfolio Pulse from Rounak Jain
Meta Platforms Inc. (NASDAQ:META) faces a daily fine of $100,000 in Norway if it doesn't address its privacy issues. The Norwegian Data Protection Authority has imposed a three-month ban on Meta's behavioral advertising, effective from August 4 to November 3. If Meta fails to comply, it will be fined for each day of non-compliance. Advertising accounted for 97.5% of Meta's total revenue in 2022, amounting to $113.64 billion.
July 17, 2023 | 5:04 pm
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Meta Platforms Inc. is facing a significant regulatory challenge in Norway, which could result in daily fines if the company doesn't address its privacy issues. This could potentially impact the company's revenue, as advertising accounted for 97.5% of its total revenue in 2022.
The news of the potential fines and the ban on behavioral advertising in Norway is a significant regulatory challenge for Meta Platforms Inc. Given that advertising accounted for a significant portion of the company's revenue in 2022, this could potentially have a negative impact on the company's financial performance in the short term.
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