Meta

Meta Platforms loses court case in the EU over data information request

Meta Platforms’ legal challenge against EU antitrust regulators has been unsuccessful as Europe’s court upheld the European Commission’s request for information regarding its investigation into Facebook’s data and online marketplace. Meta complained that the EU antitrust regulator’s search requests were like a “fishing super trawler” as it investigated the company’s practices and had already handed over a million documents to the European Commission. Meta criticized the necessity and proportionality of the data requests.

The EU General Court dismissed the challenge. It ruled that Meta failed to prove that the request went beyond what was necessary, or that EU measures taken didn’t sufficiently protect sensitive data. It further stated that the European Union’s antitrust watchdog’s requests for information related to its investigation into Facebook’s data and online marketplace are legal. Meta could not prove that “establishing a virtual data room failed to ensure that sensitive personal data was sufficiently protected”. ‘Virtual data room’ is a name for an online repository of documents and data that is used for due diligence process, or compliance requests.

The concerned cases are T-451/20 Meta Platforms Ireland v Commission and T-452/20 Meta Platforms Ireland v Commission.
Meta Platforms now has the option to appeal to the EU’s highest court – the Court of Justice.

The metaverse might add up to a 2,5 percent of the US GDP in the next decade

The metaverse, a virtual world where people can interact with each other in a fully immersive way, could become a massive economic force, according to a commissioned study by Meta (former Facebook). The study estimates that by 2035, the metaverse could contribute to 2,4% of the US economy (around $750 billion) creating new jobs and generating trillions of dollars in revenue.

The metaverse could transform various industries, including entertainment, education, and retail, offering new ways for businesses to reach customers and creating new job opportunities for creators, developers, and engineers. It could also change the way people work, socialise, and consume content, creating a new era of virtual experiences.

However, the report also acknowledges the potential risks of the metaverse, such as privacy concerns, security risks, and the possibility of widening social inequalities. It calls for a collaborative effort between industry, government, and civil society to ensure that the metaverse is developed in a responsible and inclusive way. Overall, the study suggests that the metaverse has the potential to become a significant economic force in the near future, but it will require careful consideration and collaboration to ensure that it benefits everyone.