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Meta, Facebook’s parent company, said it had no plans to withdraw the services from Europe.
This possibility was discussed after disagreements over the transfer of European data to the United States. The data is key to business advertising, which generates almost all of the company’s billions of dollars.
“We have absolutely no desire or plans to withdraw from Europe, but the simple reality is that Meta, and some other businesses, organizations and services, depend on the transfer of data between the European Union and the United States. “in order for global services to work,” the company said in a statement. The internet data agreement, the “Privacy Shield” between Europe and the US, was repealed in July 2020 by a decision of the EU judiciary, which has faced large technology companies with great uncertainty.
Meta said that he also addressed the regulators of the American markets, saying that the database he uses for data transfer is being legally endangered. “Unless a transatlantic framework for data transfer is adopted, we will not be able to offer a large number of our products and services, including Facebook and Instagram, in Europe,” Meta told US regulators.
European authorities and the US Government are considering ways to find solutions. The Facebook platform has recently faced the biggest drop in market value as a result of the reduction in the number of daily users.
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