Meta Platforms, Inc META stock is trading lower Monday amid reports of possible penalty from Norway regulator for breach of privacy.
The Facebook and Instagram owner could face a penalty of one million crowns ($100,000) per day over privacy breaches pending remedial action, Reuters cites Norway’s data protection authority.
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Regulator Datatilsynet said it would charge the fine every day from August 4 until November 3 for harvesting user data in Norway, like users’ physical locations for behavioral advertising, a business model common to Big Tech.
Meta said it would review Datatilsynet’s decision and that there would be no immediate impact on its services.
Datatilsynet has referred its move to the European Data Protection Board, which could make the fine permanent and widen the decision’s territorial scope in Europe.
Datatilsynet’s decision comes days after the European Union’s top court ruled Meta cannot harvest user data for behavioral advertising.
Meta continues to engage with the Irish DPC constructively, its lead regulator in the EU.
In May, The Irish Data Protection Commission slapped Meta with a penalty of a record €1.2 billion ($1.3 billion) for user privacy invasion. Shortly after, Meta lost an EU lawsuit that ordered vast amounts of data to help build an antitrust case against the Facebook parent.
JMP Securities analyst Andrew Boone maintained Meta with a Market Outperform and raised the price target from $300 to $350.
Goldman Sachs analyst Eric Sheridan reiterated Meta with a Buy and raised the price target from $300 to $335.
Credit Suisse analyst Stephen Ju maintained Meta with an Outperform and raised the price target from $277 to $361.
Price Action: META shares traded lower by 0.79% at $306.43 on the last check Monday.
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