Meta Facebook Parent Company Has No Strategies To Quit Europe Despite Of Data Transfer ControversyInfodeal users
As per the reports Facebook has been receiving backlashes from so many organizations related to data theft of privacy concerns. It was speculated that Facebook will be quitting its services in Europe because of the transfer of data to the United States. Facebook was allegedly transferring data to the official services of the United States according to unknown sources.
The supply of data is crucial for the firms like Facebook to operate and generate revenue. It is crucial for an advertising business to cater to the needs of the customers. Almost half the revenue is generated by supplying data to advertising companies.
In responding to the allegations, Facebook said that the company is not leaving Europe and data transfer is the crucial element for businesses like Facebook to perform and connect in the global trade between the United States and Europe.
Meta confirmed that all the tools and systems used by Meta are legal and accepted by the US market regulators. In July 2020 there was a contract signed between Europe and the US for the Transfer of data. However, the European court has now put allegations of the company
if a new technology for data transfer is not provided. The issue has been heating up and both the European and US authorities are gearing up to solve the issue.
It is also a fact that the tech giant has seen a drastic change in the market value and a lower customer involvement in the last month of 2021. It was speculated that the company is probably consuming the data of the consumers.