Meta Platforms (NASDAQ:META) stock is on the move Wednesday after the social media company was hit with a fine in South Korea.
Specifically, South Korea’s Personal Information Protection Commission (PIPC) fined the Facebook owner $22 million. It claims this fine comes from the company’s lack of clarity for how it collects data on users.
Chief among these complaints is behavioral data tracked by Meta Platforms. The PIPC says the company doesn’t make clear to users how this data will be tracked and used for advertisements. It also claims Meta doesn’t get proper consent before tracking this data.
A Meta Platforms spokesperson responded to the claims in a statement obtained by Reuters:
“While we respect the commission’s decision, we are confident that we work with our clients in a legally compliant way that meets the processes required by local regulations. As such, we do not agree with the commission’s decision, and will be open to all options including seeking a ruling from the court.”
Meta Platforms isn’t the only company facing fines from the PIPC. Alphabet’s (NASDAQ:GOOG, NASDAQ:GOOGL) Google is also facing similar issues, though it’s total fine sits at $50 million. Google says it disagrees with the PIPC’s decision.
META stock is down nearly 1% as of Wednesday morning.
Investors seeking out more of the latest stock market news are in luck!
InvestorPlace has them covered with all of the hottest stock market news for Wednesday! That includes the biggest pre-market stock movers from this morning, an update on Elon Musk buying Twitter (NYSE:TWTR) and more. You can find all of this news at the following links!
More Wednesday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
- TWTR Stock Treks Higher on Musk Deal Vote, Whistleblower News
- Why Are Flight Prices So Expensive Right Now?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.