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Oracle Corp’s (NYSE: ORCL)...

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15%...

RTX Corp (NYSE: RTX)...

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03...

GameStop Corp. (NYSE:GME) Quarter...

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after...

Advanced Micro Devices (NASDAQ:AMD)...

Shares of Advanced Micro Devices (NASDAQ:AMD) drops 0.38% in afterhours in last trading...
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Meta Platforms Inc.’s (NASDAQ:META) Reevaluates Legal Obligation by EU for Facebook and Instagram Target Advertising

Meta Platforms Inc. (NASDAQ:META) inches up in pre trading session on Thursday as the company’s top privacy regulator in the EU ruled on Wednesday that it must reevaluate the legal justification for how Facebook and Instagram use personal data to target advertising in the region. The social media giant was fined 390 million euros ($414 million) for the violations.

The judgements do not ban personalized advertising from appearing on Meta’s platforms, according to the company, which stated that it intends to challenge both the opinions’ substance and the penalties assessed.

According to a judgment seen by Reuters, the EU’s privacy watchdog issued the ban on personalized advertising in December and overturned a draft decision prepared by Ireland’s Data Privacy Commissioner (DPC), Meta’s senior EU privacy regulator.

In response to new EU privacy rules, Facebook and Instagram changed their terms of service in 2018, and Meta attempted to rely on the so-called “contract” legal basis for the majority of its processing activities.

The DPC said that while Meta had previously relied on users’ agreement to the use of their personal data for targeted advertising, Meta now believed that a contract was formed following acceptance of the revised 2018 conditions, making such advertising legal.

The DPC, the primary privacy authority for many of the biggest digital businesses in the world operating in the EU, gave Meta three months to bring its data processing processes into conformity.

Meta asserted that it firmly thinks its method complies with EU privacy regulations, which provide a variety of legal justifications for the use of data and do not require the use of permission.

In a statement, Meta stated that they wanted to reassure consumers and companies that they could continue to take advantage of targeted advertising on Meta’s platforms throughout the EU.

The penalties increased the Irish regulator’s total sanctions against Meta to 1.3 billion euros. There are currently 11 active queries about Meta services.

The EU’s privacy watchdog allegedly ordered the Irish regulator to launch a new probe into all of Facebook and Instagram’s data processing activities as part of its judgment, according to the DPC.

The DPC stated that it was improper for the European Data Protection Board (EDPB) to order a body to conduct such inquiries and that it intended to petition the EU Court of Justice to overturn the EDPB’s order since it may be considered an “overreach.”

 

Oracle Corp’s (NYSE: ORCL) Cloud Business Faces Headwinds: What Lies Ahead

Oracle Corp (NYSE: ORCL) falls down to its knees, share dropped over 12.15% or $15.21 to trade at $111.50 in pre trading session on...

RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company,...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading...

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RTX Corp (NYSE: RTX) Updates 2023-2025 Outlook amid Engine Part Challenge

RTX Corp (NYSE: RTX) experienced a notable decline of -7.22%, amounting to $6.03 per share, bringing its current trading price to $77.45. The company, with a substantial market capitalization of $112.57 billion, has seen its shares trade within a...

GameStop Corp. (NYSE:GME) Quarter Report: Resilience amidst Market Turbulence

GameStop Corp. (NYSE: GME) to announce its second quarter fiscal 2023 results after the market closes today. Shares were slightly down in the pre-trading session on Wednesday, September 6, 2023. Investors and market aficionados were eagerly awaiting the tech company's...

Nikola Corp. (NASDAQ: NKLA) Hit by Active Sellers on Profit in ‘Short Squeeze’

Shares of Nikola Corp. (NASDAQ: NKLA) drops in early trading session on Monday as the cutting into paper earnings for traders betting against the electric-vehicle company and setting them up for a short squeeze. According to S3 Partners LLC statistics,...

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