- EU industry commissioner says the EU is not liable to adapt to Facebook’s standards.
- Thierry Breton largely disregarded the suggestions of lenient regulations by Facebook.
- Breton says the need for stricter regulations by the end of 2020 will be evaluated thoroughly.
- Facebook's NPE (new product experimentation) unit launched a Pinterest competitor called Hobbi.
Thierry Breton, the EU industry commissioner, reminded Facebook on Monday that it is for the social network to align its policies and operations as per Europe’s standards and not the other way around. Breton largely disregarded the internet rules proposed by the well-renowned U.S social media as insufficient.
Breton’s comment came following CEO Mark Zuckerberg’s meeting with the EU industry commissioner. Breton is also set to announce the first draft of rules that will be applicable to the U.S technology firms and a range of state-owned Chinese companies.
Final Verdict On Stricter Regulations By The End Of 2020 Will Be Announced Later
In his talks with the reporters following the meeting, CEO Zuckerberg had commented that his conversation with Breton went well and covered a range of relevant topics. Breton has previously served as a CEO at Atos (French technology company) and Orange (French telecoms provider).
In his announcement, Breton also highlighted that a meticulous evaluation will direct if there is a requirement to implement stricter policies by the end of 2020 as a component of the previously introduced digital services act that is aimed at regulating the online platforms and defining their responsibilities.
Facebook issued a discussion paper on Monday that called the newer, to-be implemented regulations as intrusive and offered suggestions to implement lenient rules to promote business for such digital companies. The EU industry commissioner, however, broadly rejected the suggestions and dismissed Facebook’s paper commenting that it is insufficient for the online platforms to publish enforcement data and report content only periodically.
Facebook’s Performance In The Stock Market In The Past 14 Months
At the time of writing, Facebook is currently trading at $214.18 per share in the stock market that marks an around 2% growth in share prices in 2020 so far. The largest social network performed largely upbeat in 2019. The stock was seen trading at around $135 at the start of last year. Towards the end of 2019, Facebook was exchanging hands at around $208 per share that translated to a massive 55% annual increase in its stock. Facebook recently hit the $223 per share mark at the end of January 2020 that was branded as a record high for the company in the stock market.
In separate news, the $610.51 billion company’s NPE (new product experimentation) unit recently launched a Pinterest competitor by the name of Hobbi. The new platform, however, is yet to catch attention and be brought to the mainstream media.