Elon Musk Agrees 'Meta Can't Be Trusted' After Zuckerberg-Led Social Media Giant Hit With $37M Fine Over Data Sharing Practices
Portfolio Pulse from Rounak Jain
Elon Musk criticized Meta Platforms Inc. (NASDAQ:META) after it was fined $37.2 million by Turkey's competition board for its data sharing practices. The fine resulted from investigations into Meta's data-sharing between Facebook, Instagram, WhatsApp, and Threads. Musk's comments highlight ongoing concerns over Meta's data privacy practices.
May 09, 2024 | 8:14 am
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Meta Platforms Inc. was fined $37.2 million by Turkey for improper data sharing practices, highlighting ongoing data privacy concerns.
The fine and public criticism from a high-profile tech figure like Elon Musk could negatively impact Meta's public image and investor confidence, potentially leading to a short-term decline in stock price. The news directly involves Meta's core operations and raises concerns about its data privacy practices, which are critical issues for investors.
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