Elon Musk and Mark Zuckerberg have Publicly criticized each other over the Differences in their views on AI and Internet access additionally musk has Criticized Facebook's handling of user Data while Zuckerberg has criticized Masks management and decision making at Tesla and SpaceX these public Disagreements have contributed to a Perception of tension between the two Tech Leaders with that multiple times Elon Musk has publicly criticized Facebook encouraging people to delete Their Facebook accounts his expressed Concerns about the social media Giants Handling of user data and privacy as Well as its negative effects on society Well as it turns out Elon Musk was right After the recent giant update from Apple Facebook has completely been decimated The European Union's ruling against Facebook for violating online ad Targeting and privacy regulations has Sent shockwaves through the tech Industry the imposition of a colossal 410 million dollars fine on the company Will be remembered as one of the most Significant verdicts under Europe's General data protection relation this Could have far-reaching implications for Its ventures in America including its Contested practices in healthcare as Legal proceedings attempt to reverse This decision users have been granted an
Enormous amount of control that Profoundly impacted Facebook's Advertising income therefore revenues Are down stock is plummeting and no one Knows if Facebook will survive these Problems for a few years Facebook was Operating its business so unfairly Neglecting private data protection rules For people around the world that the European Union had to be involved and in An unprecedented ruling the European Union issued Facebook a hefty fine of 414 million dollars for its violation of Online ad targeting and privacy Regulations and the important question Is how much of your sensitive Information has been leaked to third Parties but what's even worse for the Company of Zuckerberg after this Scandal And further limitations at Facebook is Has the company lost giant advertising Power because now the company cannot use Users private and sensitive data to Target specific people therefore a big Amount of advertisement won't be that Efficient as before and this is horrible News for Facebook which is having a Catastrophic decline this is one of the Most noteworthy conclusions up to now Under the European Union's general data Protection regulation gdpr and it could Possibly have effects on how the company Operates in America when gdpr was Enacted on May the 25th 2018 meta made
Certain to include a stipulation in its Users terms of service agreement that Guarantees users the right to decline The collection and handling of personal Information for advertising targeting The company claims that the Clause Validates its collection and utilization Of personal user data where necessary For efficient operations companies that Failed to comply with gdpr regulations May be subject to fines of up to four Percent of their worldwide annual Revenues emphasizing the significance And importance for firms in adhering Strictly to the guidelines set forth the European Union has declined the notion Of allowing Data Tracking without Consent from social media users across The impacted platforms The verdict relating to a different Issue concerning privacy violations on WhatsApp will be announced very soon we Strongly believe our approach respects Gdpr and we're therefore disappointed by These decisions and intend to appeal Both the substance of the rulings and The fines Mata said in a statement in Its Facebook Newsroom audio cagkin Partner and chair of gdpr compliance and International privacy for Fox Rothschild LLP reports that meta must now seek out Consent from their users in order to run Behavioral ads in addition within the Next three months a version of their app
Will be available which does not use Personal data to generate advertisements This is an important step forward in Improving user privacy rights as Consumers become more aware and informed About how companies are using their data What's more the company must give users Full autonomy to revoke their consent at Any point in time moreover they cannot Restrict Services if users make this Choice meta can still leverage Non-personal data for personalizing Advertisements or asking permission from Customers with a binary selection of Either yes or no before the enforcement Of gdpr meta needed explicit permission From its users to be able to use their Information for targeted ads however With the new regulations in place meta Has modified its terms of service on Facebook and Instagram by changing their Legal basis for processing user data to Something known as contractual necessity In the same year Austrian privacy Activist Max streams submitted a Complaint claiming that users were being Coerced into allowing their data to be Processed for advertisement targeting in Order to use the platforms dreams has Exclaimed that with the dpc's ruling Meta would have to produce a version of Their apps which don't utilize user data For advertising within three months last December the European data protection
Board ruled that meta's data processing Practices for targeted ads were illegal And could not be condoned through Contractual agreements this announcement Effectively ended meta's ability to Leverage user data in order to provide Personalized advertisements leaving them Struggling with a critical business Decision following this action the DPC Determined The Meta was not approved to Use contract as a legal basis for Offering behavioral advertising in Connection with Facebook and Instagram Services even more their processing of User data up to this point which relied On the same contract legal basis is a Violation of gdpr article 6. compared to The draft decision from October where a Levy of 28 to 36 million euros was Suggested the DPC imposed Hefty fines That were significantly higher Furthermore for a multinational Corporation into it by by the gdpr's Data consent regulations its social Media strategy must be based on the Concept of contractual necessity According to Gdpr.eu Contracting entities can only Process user data in six specific Scenarios for instance when processing Is necessary to perform a task in the Public interest or to carry out some Official function according to meta the Data is vital in order for their
Services to create a truly personalized Experience that their advertisers crave Without it the experience simply won't Have enough of an edge Facebook and Instagram are inherently personalized And we believe that providing each user With their own unique experience Including the ads they see is a Necessary and essential part of that Service the company said in the Statement Apple users can take solace Knowing that their privacy concerns Regarding the company's tracking in the United States are addressed in 2022 9-5 Mac reported that meta had taken issue With Apple's art app not to track Feature which was released alongside iOS 14.5 and is available across iPhones and IPads alike the report indicated that The new feature caused A disruption in The mobile ad industry resulting in Decreased returns for advertisers well That's it for today subscribe and hit The notification Bell
