The impact of the closure of both platforms will be detrimental to the revenues of businesses that rely on advertising on these social networks.
Social networks Facebook and Instagram may stop working in Europe and Ukraine, in particular, reports the Chronicle.info with reference to the Correspondent.
This is stated in the company's annual report filed with the US Securities and Exchange Commission.
Meta says its cross-continent data processing is critical to its business. But at the same time, new European laws require that user data be stored exclusively on European servers, and Meta does not meet this condition.
It is noted that the consequences of the closure of both social networks will adversely affect the income of enterprises, since many companies with all over the world, including Ukraine, rely on advertising on Facebook and Instagram.
Recall that in early February, Meta — parent company of Facebook and Instagram — lost about $200 billion in late trading after the publication of quarterly results.