Facebook and IG could have to shut down European operations
Meta (parent of FB and IG) lost one quarter of its market value last week. This occurred because of significant risks to FB’s core business model – which is surveillance of users to build dossiers used for advertising and marketing purposes. FB no longer has control over the collection of data – as Apple, Google/Android have restricted data collection via apps, and as Europe’s data privacy regulations restrict data. This has long term strategic implications for Meta’s business model. The company noted this in its financial report, hinting that at worst case, it might have to shut FB and IG in Europe.