Meta Hit with €479M Fine as Spanish Court Rules Against Data Practices
Meta Platforms faces a €479 million penalty after a Spanish court found its advertising operations violated EU data protection rules. The ruling benefits 87 publishers who argued Meta gained unfair competitive advantage through improper use of personal data. Shares fell toward $590 as regulatory pressures mount.
Technical indicators show Meta stock breaking long-term uptrend support, with all major moving averages now forming resistance above current price levels. The RSI sits in oversold territory amid sustained selling pressure.
Separately, Spanish authorities launched an investigation into alleged hidden tracking on Android devices through Facebook and Instagram. The court noted Meta Ireland's lack of cooperation during proceedings, including failure to provide Spanish operation financial records.
