This illustration photo taken in Los Angeles on October 28, 2021, shows a person using Facebook on a smartphone in front of a computer screen showing the META logo. Facebook’s parent firm Meta said Monday it has no plans to pull its services from Europe, after raising the possibility amid an ongoing row over transferring European data to the United States.
“We have absolutely no desire and no plans to withdraw from Europe, but the simple reality is that Meta, and many other businesses, organisations and services, rely on data transfers between the EU and the US in order to operate global services,” the firm said in a statement. “If a new transatlantic data transfer framework is not adopted… we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe,” Meta wrote in its Securities and Exchange Commission filing.The social media giant recently saw its worst-ever plunge in market value, after disappointing quarterly results that raised questions about its future.
Facebook’s Meta bow down at last!