Meta, the parent company of Facebook has received a major blow from the Russian government. As per reports, Russia’s Justice Ministry added Meta to its list of extremist organizations on Friday.
Meta added to ‘Extremist’ list
Earlier, a Russian court ruled that Facebook’s parent company was engaging in extremist activities. In addition, Moscow restricted access to Facebook and Instagram. It mentioned that this was part of the campaign against Western social media platforms.
However, Meta went to file an appeal in a Moscow court to reverse the ban but got rejected. Meanwhile, the Russian authority claimed that Meta was engaged in “Russophobia”. Facebook’s parent firm was allegedly allowing citizens of other countries to get involved in acts of violence against Russia.
The tech company’s share prices have dropped by a major 66.8% on year to date basis. Meta’s shares are trading at an average price of $112.24. As per the data, its share price is down by 0.25% on pre market.
Facebook faces legal charges in the UK
Meta is facing legal charges in the UK over harvesting personal data for targeted advertisements. In a lawsuit filed by Tanya O’Carroll, it is alleged that Facebook violates general data protection regulations. They are processing and profiling her personal data.
As per reports, these legal allegations directly attack Facebook’s business model. However, it aims to add several regulatory and legal risks for Meta in Europe.
Earlier, Coingape reported that there are speculations running about Mark Zuckerberg will be stepping down from his spot in the company. It is reported that this decision will not harm their multi billion dollar project, Metaverse.
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Source: https://coingape.com/major-blow-to-meta-russian-justice-ministry-meta-to-extremist-list/