Facebook owner Meta Platforms Inc. META is bracing for a record privacy fine from the European Union for failing to comply with a court warning intended to protecting consumers’ data from U.S. security services once it’s shipped to servers across the Atlantic. The Irish Data Protection Commission, which oversees the EU operations of most Silicon Valley firms, is also expected to order Meta to cease all data transfers to the U.S. that rely on supposedly unsafe contractual clauses questioned by the bloc’s top court, according to a Bloomberg report on Wednesday, citing people close to the matter. Meta’s fine is likely to eclipse the record €746 million ($807 million) fine for Amazon.com Inc. AMZN, according to the report. Meta declined comment.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.