Meta was fined $276 million by the Irish Data Protection Commission for its handling of sensitive user data. Following the recent announcements, the parent company of social media giants Facebook and Instagram will be fined more than $1 billion by European regulators. Ireland’s privacy watchdog also stated that this marks the end of their inquiry, which began in April of this year after the personal data of over 500 million users were leaked and published online.
Meta has recently been the topic of much debate in Europe, with many claims of mishandling user data and various groups raising privacy concerns about the platforms.
In 2019, 533 million users’ data were released on a private website, including their names, locations, and, in certain circumstances, email addresses. While the company claimed that the breach had been fixed, the authorities initiated an investigation, and they are now facing a slew of fines.
The implementation of the General Data Protection Regulation, a European Union-wide law, is widely regarded as the global standard for online privacy. The fines were part of the process, and they raised the pressure on Meta, which was already facing significant losses.
With the failure of the Metaverse, Meta has suffered a gradual decline in revenue over the last year, sparking rumours of Mark Zuckerberg quitting the firm as CEO. The company opted to terminate over 11,000 employees and stated that it will announce additional layoffs in the future.