The Data Protection Commission, an Irish regulator that speaks for all of Europe, issued two fines totaling 390 million euros ($413 million) to Facebook (META) and Instagram, both owned by Meta. The original complaints were made in 2018 and accused the company of lacking the proper legal grounds for collecting and processing millions of Europeans’ data. To comply with the regulator, Meta will not only have to pay, but it has three months to change its data processing operations in Europe.
The Irish regulator has fined Meta four times since September, and its total fines amount to $1.3 billion. Meta relies on this advertising model to earn revenue, which in the 12 months ended Sept. 30 was $118 billion. The company’s stock price today hit $127, up 13 points from last month but less than half what it was this time last year.
“We strongly disagree with the DPC’s final decision,” the Meta spokesperson said in a statement. “As a result, we will appeal the substance of the decision.”