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01/08/2023
New Year, Same Data-Privacy Woes for Meta’s Advertising Cash Cow
PYMNTS.com
Ireland’s Data Protection Commission (DPC) says Meta’s ad-centric business model is noncompliant with European regulations.
That’s according to a public statement released Wednesday (Jan. 4) outlining the commission’s final decision regarding the tech company’s processing of personal data stemming from two complaints filed May 25, 2018 under the European Union’s (EU) General Data Protection Regulation (GDPR).
It represents a major blow to the company, whose stock price has already taken a 60% haircut, or $450 billion loss, for the year.
It also represents a landmark ruling for the social media industry, whose business model bread and butter is the ability to serve up users behaviorally targeted and customized ads.
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