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Mark Zuckerberg, chief executive officer of Meta Platforms Inc., left, arrives at federal court in San Jose, California, US, on Tuesday, Dec. 20, 2022. 

David Paul Morris | Bloomberg | Getty Images

Facebook parent company Meta on Wednesday was slapped with a pair of fines totaling more than $400 million as the Irish privacy regulator concluded the company’s advertising and data handling practices were in breach of EU privacy laws.

The Irish Data Protection Commission said that Meta should be ordered to pay two fines — one, a 210 million euro ($222.5 million) fine over violations of the European Union’s General Data Protection Regulation, or GDPR, and the second, a 180 million euro fine related to breaches of the same law by Instagram.

Combined, the penalties amount to 390 million euros ($414 million).

The fines mark the conclusion of two lengthy investigations into Meta by the Irish regulator, which had been criticized over delays in the process. The DPC began investigating the company on May 25, 2018, the day the EU’s GDPR came into effect.

GDPR places strict requirements on firms with regard to the processing of people’s information. Firms that run afoul of the rules risk facing penalties as high as 4% of global annual revenues.

In the ruling Wednesday, the DPC said that Meta must bring its data processing operations into compliance within three months. The watchdog is the lead regulatory authority for Meta and several other U.S. tech giants, which hold their headquarters in Ireland.

Meta, which changed its name from Facebook in 2021, said in a statement Wednesday that it planned to appeal the ruling. The decision does not amount to a ban on personalized advertising and businesses can continue using Meta’s platforms to target users with ads, it added.

“The suggestion that personalised ads can no longer be offered by Meta across Europe unless each user’s agreement has first been sought is incorrect,” a Meta spokesperson told CNBC via email.

“There has been a lack of regulatory clarity on this issue, and the debate among regulators and policymakers around which legal basis is most appropriate in a given situation has been ongoing for some time,” the spokesperson added.

“That’s why we strongly disagree with the DPC’s final decision, and believe we fully comply with GDPR by relying on Contractual Necessity for behavioural ads given the nature of our services. As a result, we will appeal the substance of the decision.”

A ‘huge blow’ to Meta’s EU profits

Previously, Meta relied on a user’s consent to process their information for the purposes of behavioral ads. However, after the entry into force of the GDPR, the company changed the terms of service for Facebook and Instagram, and switched the legal basis upon which it processes that information to something called “contractual necessity.”

That same year, Max Schrems, an Austrian privacy activist, submitted a complaint alleging this change forced users to accept the processing of their information for ad targeting in exchange for use of the platforms.

Schrems, in a statement Wednesday, said the DPC’s decision Wednesday meant that Meta would have to develop a version of its apps that doesn’t use personal data for advertising within three months.

He added Meta would still be allowed to ask users for consent to ads with a “yes/no” option, however.

“This is a huge blow to Meta’s profits in the EU,” Schrems said. “People now need to be asked if they want their data to be used for ads or not. They must have a ‘yes or no’ option and can change their mind at any time. The decision also ensures a level playing field with other advertisers that also need to get opt-in consent.”

In December, the European Data Protection Board, which coordinates regulatory action on data privacy across the bloc, said that Meta wasn’t entitled to rely on contracts as a legal basis for processing user data for targeted ads, effectively deeming the company’s advertising practices illegal.

Subsequent to that move, the DPC said it found Meta was “not entitled to rely on the ‘contract’ legal basis in connection with the delivery of behavioural advertising as part of its Facebook and Instagram services, and that its processing of users’ data to date, in purported reliance on the ‘contract’ legal basis, amounts to a contravention of Article 6 of the GDPR.”

The fines imposed by the DPC were raised substantially from those proposed in a draft decision in October, in which the regulator suggested a levy of between 28 million and 36 million euros.

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YouTube wipes out thousands of propaganda channels linked to China, Russia, others

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YouTube wipes out thousands of propaganda channels linked to China, Russia, others

Beata Zawrzel | Nurphoto | Getty Images

Google announced Monday the removal of nearly 11,000 YouTube channels and other accounts tied to state-linked propaganda campaigns from China, Russia and more in the second quarter.

The takedown included more than 7,700 YouTube channels linked to China.

These campaigns primarily shared content in Chinese and English that promoted the People’s Republic of China, supported President Xi Jinping and commented on U.S. foreign affairs.

Over 2,000 removed channels were linked to Russia. The content was in multiple languages that supported Russia and criticized Ukraine, NATO and the West.

Google, in May, removed 20 YouTube channels, 4 Ads accounts, and 1 Blogger blog linked to RT, the Russian state-controlled media outlet accused of paying prominent conservative influencers for social media content ahead of the 2024 election.

Tim Pool, Dave Rubin and Benny Johnson — all staunch supporters of President Donald Trump — made content for Tenent Media, the Tennessee company described in the indictment, according to NBC News.

Read more CNBC tech news

YouTube began blocking RT channels in March 2022, shortly after Russia invaded Ukraine.

The active removal of accounts is part of the Google Threat Analysis Group’s work to counter global disinformation campaigns and “coordinated influence” operations.

Google’s second quarter report also outlined the removal of influence campaigns linked to Azerbaijan, Iran, Turkey, Israel, Romania and Ghana that were found to be targeting political rivals.

Some campaigns centered on growing geopolitical conflicts, including narratives on both sides of the Israel-Palestine War.

CNBC has reached out to YouTube for further comment or information on the report.

Google took down more than 23,000 accounts in the first quarter.

Meta announced last week it removed about 10 million profiles for impersonating large content producers through the first half of 2025 as part of an effort by the company to combat “spammy content.”

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New Astronomer CEO gives first statement since Coldplay kiss-cam scandal

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New Astronomer CEO gives first statement since Coldplay kiss-cam scandal

Chris Martin of Coldplay performs live at San Siro Stadium, Milan, Italy, in July 2017.

Mairo Cinquetti | NurPhoto | Getty Images

Astronomer‘s interim CEO said in his first public comment since unexpectedly taking over the role on Saturday that he hopes to move the tech startup past the viral moment that captured national attention last week.

Pete DeJoy was appointed to the top job due to the resignation of CEO Andy Byron, days after he was caught on video in an intimate moment with the company’s head of human resources at a Coldplay concert. Astronomer said over the weekend that it would begin a search for a new CEO.

“The events of the past few days have received a level of media attention that few companies — let alone startups in our small corner of the data and AI world — ever encounter,” DeJoy wrote in a LinkedIn post on Monday. “The spotlight has been unusual and surreal for our team and, while I would never have wished for it to happen like this, Astronomer is now a household name.”

Byron was shown on a big screen at the concert in Boston on Wednesday with his arms around Chief People Officer Kristin Cabot. Byron, who is married with children, immediately hid when the couple was shown on screen. Lead singer Chris Martin said, “Either they’re having an affair or they’re just very shy.” A concert attendee’s video of the affair went viral.

Read more CNBC reporting on AI

DeJoy helped start Astronomer in 2017, according to his LinkedIn profile, and had been serving as chief product officer since earlier this year.

In May, Astronomer announced a $93 million investment round led by Bain Ventures and other investors, including Salesforce Ventures.

“I’m stepping into this role with a wholehearted commitment to taking care of our people and delivering for our customers,” DeJoy wrote. He added that “our story is very much still being written.”

Astronomer is commercializing the open-source data operations platform Astro. DeJoy wrote that customers “trust us with their most ambitious data & AI projects” and that “we’re here because the mission is bigger than any one moment.”

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Figma IPO could value design software maker at $16 billion

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Figma IPO could value design software maker at  billion

Dylan Field, co-founder and CEO of Figma Inc., after the morning sessions at the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on July 11, 2024.

David Paul Morris | Bloomberg | Getty Images

Design software company Figma on Monday published an updated prospectus for its initial public offering.

The company said it expects to sell about 37 million shares at $25 to $28 each. That would generate as much as $1 billion in proceeds, between the company and selling shareholders.

The IPO could value Figma, led by co-founder Dylan Field, a fully diluted valuation of $14.6 billion to $16.4 billion. Field plans to sell 2.35 million shares, which could be worth as much as $65.8 million.

In a 2024 tender offer, investors valued the company at $12.5 billion. In 2022, Adobe had agreed to acquire Figma for $20 billion, but the deal was scrapped after regulators objected.

The flow of technology companies joining U.S. exchanges has slowed since late 2021. Concerns over inflation and a recession made some investors less interested in backing fast-growing but money-losing companies.

But a few technology stocks have become available in recent months. CoreWeave went public in March, and Circle and Chime shares started trading in June.

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Figma filed to go public on July 1, announcing plans to trade on the New York Stock Exchange under the symbol “FIG.”

On Monday, it provided preliminary results for the second quarter, showing $9.0 million to $12.0 million in operating income on $247 million to $250 million in revenue. That would imply year-over-year revenue growth of 39% at the low end and 41% at the high end. Growth in the first quarter exceeded 46%.

During the second quarter, Figma added clients and expanded business with existing ones. The company’s operating margin would be ticking up to 4% to 5%, up from 3% in the same quarter a year ago, based on the preliminary results.

Figma said it has authorized the issuance of “blockchain common stock” in the form of “blockchain-based tokens.” So far, though, Figma said it isn’t planning to issue this type of stock. In July, Figma disclosed investments in a stablecoin and a Bitcoin exchange-traded fund.

Mike Krieger, a co-founder of Instagram who is now chief product officer of artificial intelligence model developer Anthropic, has joined the board. Luis von Ahn, co-founder and CEO of Duolingo, is also joining the board, according to the filing.

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