Meta accused of breaking European law with its ‘pay or consent' model [CNN]
Meta Platforms, Inc. - Class A (META)
Company Research
Source: CNN
Late last year, Meta ( META ) launched a service called “Subscription for no ads,” allowing European users of Facebook and Instagram to pay up to €12.99 ($14) a month for ad-free versions. The alternative is to accept versions with personalized ads. The European Commission said in a statement Monday that, in its preliminary view, “this binary choice forces users to consent to the (use) of their personal data and fails to provide them a less personalized but equivalent version of Meta's social networks.” If the provisional findings of the Commission's investigation are confirmed, the EU could hit Meta with a fine equivalent to 10% of its global annual revenue under its landmark Digital Markets Act. “'Subscription for no ads' follows the direction of the highest court in Europe and complies with the DMA,” a Meta company spokesperson told CNN. “We look forward to further constructive dialogue with the European Commission to bring this investigation to a close.” This is a develop
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META
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- 2/1/24 - Beat
META
Sec Filings
- 7/2/24 - Form 144
- 7/2/24 - Form 144
- 7/1/24 - Form 4
- META's page on the SEC website