The Russian government has dealt a severe blow to Meta, Facebook’s parent company. Reportedly on Friday, the Russian Ministry of Justice designated Meta as a terrorist group.
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The ‘Extremist’ list now includes Meta.
A Russian court had previously found that Facebook Inc. was involved in terrorist activity. Also, Facebook and Instagram were blocked in the Russian capital. It was noted that this was part of a larger operation targeting Western social media sites.
Meta tried to challenge the prohibition in a Moscow court, but her petition was denied. Meta was accused of “Russophobia” by Russian authorities. The company behind Facebook was allegedly encouraging users in other countries to participate in terrorist attacks in Russia.
The share price of the IT firm has fallen significantly by 66.8 percent year to date. As of right now, the average price of a share of Meta stock is $112.24. Pre-market numbers show a 0.25 percent drop in the stock price.
Facebook is being sued in the United Kingdom.
Meta is being investigated by UK authorities for allegedly collecting user information for the purpose of serving personalised adverts. Tanya O’Carroll has launched a lawsuit against Facebook, claiming that the company is in violation of GDPR. Her information is being processed and profiled.
These lawsuits, it seems, aim squarely at Facebook’s business model. This proposal, however, intends to increase a number of regulatory and legal risks for Meta in Europe.
Source: Google Trend