Meta Risks ‘Material’ Fines as EU’s Privacy Law Starts to Bite
- Social network already accrued ‘significant’ contingencies
- Firm welcomes EU-U.S. deal on transatlantic data flows
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Meta Platforms Inc. warned that it may be hit by hefty data-protection fines in the European Union when privacy watchdogs wrap up probes into the social network giant.
The Facebook owner said in its first quarter report that it has “accrued significant amounts for loss contingencies” linked to probes under the bloc’s tough General Data Protection Regulation.