European users may be without WhatsApp, Facebook and Instagram

Meta, which owns such well-known products as WhatsApp, Facebook and Instagram, is experiencing serious problems. A fresh quarterly report led to the biggest collapse in the company's value. Zuckerberg's announced new ad targeting platform for iOS devices is in great doubt because of new European privacy laws. All of this has already resulted in a grand collapse in the company's capitalization.

At the moment, Meta stores user data on European and American servers. It's convenient for targeting advertising and functioning of services. But according to the new legislation European users' data should be stored only on European servers. So far it has not been possible to reach an agreement with the regulatory agencies, the company is working under the old rules, so there remains a significant likelihood that WhatsApp, Facebook and Instagram will soon cease to be available to the European user.

The head of the company Nick Clegg urged regulators to think carefully about business owners who could be affected by the innovations.