In today's ExchangeWire news digest: EU regulators fine Meta €1.2bn (~£1bn) for transferring Facebook users' data to the US; Linda Yaccarino's appointment as Twitter CEO reassures GroupM; and Shopee launches a new initiative to strengthen the protection of brands' IP.
Meta fined €1.2bn over US data transfers
Facebook-parent Meta Platforms has been fined €1.2bn (~£1bn) in the EU for transferring users’ data to the US. European regulators also ordered Meta to cease sending information on European Facebook users to the US and delete any data already transferred within six months. The record-breaking fine serves to heighten pressure on the US government to close a deal that would allow thousands of multinational firms to continue to transfer data overseas.
GroupM says Twitter no longer “high risk”
One of the world’s most prominent media agencies, GroupM, has told clients it no longer considers Twitter to be “high risk” following Linda Yaccarino’s appointment as CEO. Former chief executive Elon Musk announced Yaccarino as his successor last week, a move possibly aimed at winning back advertisers who baulked at the billionaire’s unorthodox leadership style. GroupM had previously deemed Twitter “high risk” in November, just a month after Musk closed his USD$44bn (~£35.3bn) acquisition of the company.
New Shopee initiative aims to better protect IP
E-commerce behemoth Shopee has launched a new initiative to bolster intellectual property protection for its brand partners. The Brand Protection Partnership (BPP) will provide its members with access to bi-annual analytics reports, proactive protection measures, and more to shield brands on the platform from counterfeiting and IP infringement.
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Fact of the Day
450 million – Twitter's active monthly users as of March 2023.