Russia Restrictions On Facebook, Instagram And X Cost Economy Over $4B In 2023
Portfolio Pulse from Benzinga Neuro
Russia's internet restrictions, including limiting access to Western social media platforms after the Ukraine invasion, have resulted in a $4.02 billion economic loss in 2023. The country experienced 1,353 hours of internet shutdown, affecting 113 million users. Apple Inc. removed VKontakte from its App Store in 2022, and Meta Platforms Inc was declared a 'terrorist and extremist' entity by Moscow, with WhatsApp facing fines for not deleting banned content.
January 12, 2024 | 3:46 am
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Apple Inc. removed VKontakte, Russia's largest social media network, from its App Store in 2022, which was the most-used social media platform in Russia.
While the removal of VKontakte from Apple's App Store is significant, it occurred in the previous year and its direct short-term impact on AAPL's stock price is likely to be minimal at this point.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 30
NEGATIVE IMPACT
Meta Platforms Inc, the parent company of Facebook, Instagram, and WhatsApp, was declared a 'terrorist and extremist' entity by Moscow, with WhatsApp facing fines in Russia.
The classification of Meta as a 'terrorist and extremist' entity and the fines against WhatsApp could have a negative short-term impact on META's stock price due to potential concerns over its ability to operate in Russia.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50