European Union’s (EU) anti-trust regulatory activities have been dealing a severe blow to U.S. technology companies. The flurry of investigations related to data privacy, anti-competition practices and tax avoidance have been taking a toll on these companies since quite some time now.
Notably, Alphabet’s GOOGL Google and Facebook FB are hurt by the implementation of General Data Protection Regulation (GDPR) in the EU.
Google was fined $57 million by French data protection authority under GDPR for not being able to disclose massive user data collection across its search platform, Google Maps and YouTube.
Meanwhile, the social media giant is allegedly storing millions of user passwords across its core Facebook app, Facebook Lite and Instagram platforms in an unencrypted format. Europe’s default privacy regulator is carrying out the investigation following which the company might face a fine of $2.2 billion.