Amid a plummeting share price, Facebook Inc. wants panicked investorsto believe Europe’s strict General Data Protection Regulation is to blame for fewer people using the social network in the region. EU lawmakers disagree.
The new law came into force on May 25 and forced companies that hold data on EU citizens to obtain “unambiguous” consent to collect personal information. Facebook knows a lot about what people are interested in, and makes that audience easily available to advertisers. That’s fueled rapid revenue growth, billions of dollars in profit, and a surging stock price in recent years.
More than $100 billion ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.