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If Meta is unable to store and process the data of its European users on servers in the USA. Then several of the company's services may close in Europe.
Since Meta is a US company, it has user information stored in the US. Following new EU judgments, Irish privacy authorities have challenged user contracts that allow them to share data across continents.
– If we cannot use standardized terms of use or find other legal ways to transfer user data from Europe to the US, we will likely not be able to offer more of our services, such as Facebook and Instagram in Europe.
Meta informs that the final decision is expected in the first half of 2022. The technology giant adds that the shutdown of services will affect the company's financial situation.
It was the City AM website that first mentioned the case on Sunday.
The news ends a very hard week for Meta. The disappointing quarterly report on Thursday saw the company suffer the greatest loss in value in a day on Wall Street.
About $ 230 billion evaporated from the company's market value during the trading day.
