Facebook, Inc. (NASDAQ:FB) Asked To Change User Data Policy In Germany As The Company Tightens Election Ad Laws In India
Facebook, Inc. (NASDAQ:FB) after surging at the beginning of the month its stock has dipped in the last few days and it lost 2.5% following Germany regulators outlawing their AD business. In the last trading session, the stock lost 0.57% to close the day at $164.21 per share.
The decline in stock comes at the back of the Germany antitrust regulator ordering Facebook to change its user data policy.
Federal Cartel Office outlaws user data collection
Germany wants Facebook to cease collecting data about user activities without their approval and using them for advertising purposes. On its side, Facebook maintains that collecting the data enables the company to serve users with more relevant ads in line with their interests. There has been growing concern about the company’s data policy which is not transparent.
The German Federal Cartel Office indicated that Facebook has been exploiting users by requiring them to consent to this kind of data policy and they have outlawed the practice. Facebook has had legal battles in Europe over fake news, data breaches and illegal content. On top of these, the company now faces scrutiny from antitrust regulators who can order changes in their business as well as levy heavy fines.
Andreas Mundt, the FCO president indicated that going forward Facebook will no longer have to force users to consent to unrestricted data collection as well as assigning non-Facebook data to user accounts.
Facebook has indicated that they disagree with the deliberations and they are planning to appeal so that their Germany users can continue benefiting from their services. The company has one month to appeal the decision and if they fail they will have to change their data policy for Germany users.
Facebook toughening election ad laws in India
Facebook has moved to toughen political add rules in India as they look to create a level playing field and more transparency with the country having elections in May. Political ads will have a disclaimer “published by.”
Facebook said they are increasing transparency of ads so as to make advertisers more accountable and thus help people decide the content they are viewing which will curb election abuse.
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