Recently, the well-known messaging App WhatsApp was fined 225 million euros and now this time Facebook, the Irish regulator was fined US$216.7 million for violating EU privacy laws and regulations, Facebook’s stock price fell by US$6.77, or 1.77%, to close at US$375.28 in regular transactions. In addition, Instagram suffered a downtime this morning local time in the United States.
Also Read: WhatsApp fined 225 million euros by the European Union
Although the $267 million fine for Facebook is not an astronomical figure-it is only equivalent to its 3-day net profit, this news reminds investors that privacy issues and regulatory fines are still a sharp sword hanging over their heads. In 2019, Facebook was fined US$5 billion by the US Federal Trade Commission for violating consumer privacy protection laws and regulations, which greatly affected the company’s image.
Facebook is still at the center of another whirlpool. A committee of the US Congress asked social networks including it to provide information about the January 6th attack on the Capitol. Although this will not have a direct impact on its business, Facebook’s response is closely watched.
