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Facebook has paid 110 million euros for secrecy

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Facebook has paid 110 million euros for secrecy
May 18
09:00 2017

Many remember the story when Facebook purchased the instant messenger WhatsApp three years ago. The fact is that such transactions are always accompanied by the inspections of the European Commission. Recently, European Commissioner for Competition Margrethe Vestager has said that Facebook deliberately provided incorrect information regarding the transaction.

Three years ago, while implementing the takeover, the leadership of the popular social network assured the regulator that due to a lack of technical capabilities, the comparison of user profiles on Facebook with accounts on WhatsApp could not be carried out.

However, in August last year, it became possible to link phone numbers to pages on Facebook due to the operation of the popular messenger. The European Commission logically assumed that the technical linking had existed two years earlier and the social network management had known about it. As a result of the audit, a fine of 110 million euros was imposed. In her official statement, Mrs. Vestager recalled that every company had to provide the European Commission with non-distorted information about the status of the transaction conducting during any merger or acquisition.

This is not the first fine received by Facebook from the European Commission this week. A couple of days ago it became known about the sanctions of the French authorities regarding the popular social network. At that time the company was punished because of violation of the current French law regarding the protection of personal data.

This news continued a lot of troubles that haunted Facebook creator Mark Zuckerberg in recent times. Because of the instability of the American economy, Facebook shares lost 3.3% in price, which reduced Mr. Zuckerberg’s fortune by about $ 2 billion. The downward trend in the share price remains.

 

The material was prepared with the participation of  Marina German,
a leading analyst of the brokerage company CT-Trade

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