Meta, the parent company of Facebook, is facing a record €746 million ($821 million) fine from
the European Union's data protection watchdog, the Irish Data Protection Commission (DPC).
The fine is for violating the General Data Protection Regulation (GDPR) by transferring user data from
the European Union to the United States without adequate safeguards in place.
This is the largest fine ever imposed under the GDPR, and it is a significant blow to Meta.
Meta is the parent company of Facebook, Instagram, and WhatsApp. It was formerly known as Facebook, Inc.
The metaverse is a hypothesized iteration of the internet as a single, universal and immersive virtual world
that is facilitated by the use of virtual reality and augmented reality headsets.
The General Data Protection Regulation (GDPR) is a regulation in EU law on data protection and privacy in
the European Union (EU) and the European Economic Area (EEA).
The GDPR aims primarily to give control back to citizens and residents over their personal data
and to simplify the regulatory environment for international business by unifying the regulation within the EU.