Adam Satariano, for The New York Times:
Meta on Monday was fined a record 1.2 billion euros ($1.3 billion) and ordered to stop transferring data collected from Facebook users in Europe to the United States, in a major ruling against the social media company for violating European Union data protection rules.
The penalty, announced by Ireland’s Data Protection Commission, is potentially one of the most consequential in the five years since the European Union enacted the landmark data privacy law known as the General Data Protection Regulation. Regulators said the company failed to comply with a 2020 decision by the European Union’s highest court that Facebook data shipped across the Atlantic was not sufficiently protected from American spy agencies.
But it remains unclear if or when Meta will ever need to cordon off the data of Facebook users in Europe. Meta said it would appeal the decision, setting up a potentially lengthy legal process.
I don’t care how big you are - $1.3 Billion dollars is going to hurt.