Well meta, the social media giant that we all know for their two largest social media platforms. Instagram and Facebook issued a warning in their annual report last Thursday. Because many regulators in Europe are currently making up new legislation rules that will be dictating how The data of EU citizens get transferred across the Atlantic, over to the United States (This is of course because of Privacy concerns)

Facebook said in a statement, “If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs (standard contractual clauses) or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe.”

Facebook also said that this decision would very much adversely affect their business and financial condition, It will also change The way results and operations are carried out. Later, European lawmaker Axel Voss said on Twitter that Meta cannot just blackmail the European Union into giving up their data protection standards, Leaving the European Union would also be a very big loss for Meta. Axel Voss has written some of the EU data protection legislation laws.

A spokesperson from Meta did tell CNBC that they have no desire to withdraw from Europe, but they Are still concerned about the previous filings. But The thing is that Meta is one of those other companies and organizations that Rely on big data transfers between the European Union and the United States to operate Global Services and reach bigger target consumers like people in India and other developing nations where they have a Big Grip.

Well, this is very saucy and we can’t wait to see what is going to be happening as it could be very bad for meta if they did decide to withdraw from the European Union, but could also be a big loss for them as their entire business depends on it.