Major blow to Meta; Russian Justice Ministry adds Meta to the ‘Extremists’ List
Russian government has dealt a serious blow to Meta, the parent company behind Facebook. According to reports, Russia’s Justice Ministry has added Meta to its list for extremist organizations.
Meta added to the ‘Extremists’ list
A Russian court had ruled earlier that Facebook’s parent company was engaging with extremist activities. Moscow also restricted access to Instagram and Facebook. It stated that this was part the campaign against Western social networks.
Meta filed an appeal to a Moscow court to rescind the ban, but was rejected. The Russian authority claimed that Meta was involved in “Russophobia”. The parent company of Facebook was allegedly allowing citizens from other countries to participate in violence against Russia.
The tech company’s share price has dropped by 66.8% year-to-date. Meta’s shares trade at an average price $112.24. According to the data, Meta’s share price has fallen by 0.25% since pre-market.
Facebook is facing legal charges in the UK
Meta is facing legal action in the UK for allegedly harvesting personal data to target advertisements. Tanya O’Carroll filed a lawsuit against Facebook alleging that it violates data protection regulations. They are profiling her personal information.
According to reports, these legal claims directly attack Facebook’s business model. It aims to increase several legal and regulatory risks for Meta in Europe.
Coingape reported earlier that speculations are circulating about Mark Zuckerberg leaving the company. According to reports, this decision will not affect their multi-billion dollar project, Metaverse.
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