Meta Reportedly In Trouble With The Russian Government
The UK government is investigating Meta, also known as Facebook. The Moscow court has denied Meta’s request to override the restriction posed on it by Moscow.
Is Meta In Danger?
The social media platform Meta has faced significant obstacles as a result of the Russian government. Recently, the Russian Ministry of Justice denounced this platform as an extremist organization. Additionally, Facebook and Instagram were reportedly censored by Moscow due to the country’s rivalry with western social media platforms and activities.
The Moscow court denied Meta’s request to overturn this restriction placed on it.
It was alleged that Meta supports and encourages its users to engage in violent and disparaging behavior toward Russia.
As a result of this latest action taken by Russia against Meta, Meta stocks were severely impacted. From its price at the beginning of the year, the stock price of Meta decreased by more than 65%. The stock’s price is currently $112, and pre-market trading has seen a loss of 0.25.
Meta Under Scrutiny In The UK
In addition to dealing with problems from Russia, Meta is also under close scrutiny by the UK government for improper use of user data. Meta has been charged with misappropriating user information and using it to create personalized ads based on activity on the platform and data entry by users.
Tanya O’corell, an official has sued Meta for the same problem, claiming that it violates some established rules and principles governing users’ data and information. Her suggestions are also being processed and evaluated.
These grievances and lawsuits seem to be aimed squarely at the business’s financial structure. The complaints, however, are aimed at tightening regulations on Meta in relation to its use and activities in the European constituency.
Additionally, the CEO, Mark Zuckerberg’s, vision for the business has been a source of contention for a while, and his future with the company is still in doubt. However, according to reports, this new development regarding the Russia case and UK scrutiny won’t have an impact on this firm’s entry into the metaverse.
Zuckerberg has been very interested in the metaverse perspective, as evidenced by the fact that he changed Facebook’s name to Meta and added the same feature to WhatsApp’s welcome page.
He also hosted a virtual reality and metaverse event last year to mark the beginning of this affiliation between the owner of the social media platform and the metaverse world.
Marcelo Mollaretti / shutterstock.com
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