Meta Threatens to Shut Down Facebook and Instagram in Europe Over Data-sharing ControversyYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. After posting a woeful financial performance last week, Meta, the parent company of Facebook and Instagram, said it may shut down the platforms in Europe over data disagreement. It said it may shut down the sites if it cannot keep transferring data back to the US government. The social networking site issued the warning on Thursday, February 3, 2022, in its annual report. Recommended for you No old notes yet from CBN, banks begin ration of old notes, Supreme Court s... European regulators are drawing up a law that will dictate how EU citizens’ data are transferred to the US. PAY ATTENTION: Join Legit.ng Telegram channel! Never miss important updates! In the statement, Facebook said if a new data sharing framework is not adopted and it is unable to continue to rely on Standard Contractual Clauses (SCCs) or rely upon other alternative standards of data transfers from EU countries to the US, it will likely be unable to offer a number of other important products and services, including Facebook and Instagram in Europe. The tech giant said it would materially and adversely affect its business, financial condition and results of its operations. European lawmaker, Axel Voss said on Twitter that Meta cannot blackmail the EU into up its data protection standards. Voss added that if Meta leaves the EU, it will be their loss. Recommended for you “Hand dey scratch baba”: Davido mistakenly posts video of him getting massa... According to Meta spokesperson, the company has no desire and plans to withdraw from Europe but raised some concerns in previous fillings, a CNBC report says. Legit.ng has reported that Facebook Founder and Meta CEO, Mark Zuckerberg advised his staff to concentrate on building video products and cautioned that he may cry during a company-wide virtual meeting on Thursday, January 3, 2022 after his company lost a whopping N98.3 trillion. The loss is the biggest since the company was founded. Daily Mail reported that the company’s shares fell 26 per cent on Thursday at the close of markets after the social media giant issued a gloomy forecast and also reported its first-ever decline in daily active users. Zuckerberg himself saw N12.3 trillion of his personal net worth wiped off. Source: Legit.ng Facebook and Instagram services across Europe may be terminated if threats by Meta, their parent company is anything to go by The company said if it is not guaranteed that it will continue to transfer data back to the US government it has no other options than shut down The EU is drafting a new law about data transfer which has pitched is against the tech giant with lawmakers saying Meta wants to arm twist them Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Join Legit.ng Telegram channel! Never miss important updates! Legit.ng