Meta Says Facebook Is 'Free' — EU Threatens To Fine Mark Zuckerberg-Led Social Media Giant
Portfolio Pulse from Ananya Gairola
The EU has warned Meta Platforms Inc. (NASDAQ:META) about its 'pay or consent' model for Facebook and Instagram, citing potential consumer protection law violations. Meta has until September 1, 2024, to propose changes or face fines. The model requires users to either pay for ad-free usage or consent to data collection for personalized ads.
July 23, 2024 | 8:07 am
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The EU has warned Meta about its 'pay or consent' model for Facebook and Instagram, citing potential consumer protection law violations. Meta has until September 1, 2024, to propose changes or face fines.
The EU's warning and potential fines create regulatory uncertainty for Meta, which could negatively impact investor sentiment and short-term stock performance. The requirement to propose changes by September 1, 2024, adds pressure on the company to address these issues promptly.
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