Consumer Watchdogs Target Meta's 'Pay Or Give Up Privacy' Tactic In EU: 'Smokescreen To Obscure Illegal Data Processing'
Portfolio Pulse from Rounak Jain
Eight EU consumer groups have filed complaints against Meta Platforms Inc. (NASDAQ:META), accusing it of illegal data processing and violating GDPR. The complaints focus on Meta's 'pay-or-consent' policy, which allegedly covers up the lack of a legal basis for its extensive data collection from Facebook and Instagram users. This follows Meta's attempts to address privacy concerns, including proposals for consent-based ads and paid ad-free versions of its platforms.

February 29, 2024 | 12:48 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Meta Platforms Inc. faces complaints from EU consumer groups for illegal data processing and GDPR violations, particularly over its 'pay-or-consent' policy.
The complaints against Meta Platforms Inc. by EU consumer groups could lead to regulatory scrutiny and potential legal challenges in the European Union. This situation may negatively impact Meta's reputation, user trust, and potentially its financial performance in the short term, especially if it leads to fines or requires changes to its business model in Europe.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100