Why Instagram is fined $400 million by Ireland

Irish data privacy regulator, the Data Protection Commission (DPC), has decided to impose a record fine of €405 million ($402 million dollars) to Meta Platforms Inc Instagram, owned by META, following an investigation into its handling of children's data, a spokesperson confirmed to Benzinga in an emailed statement.

Reuters reported on the case earlier on Monday.

Appeal: Instagram plans to appeal the fine, a spokesperson for parent company Meta Platforms told Reuters in an emailed statement.

The survey: The survey began in 2020 and focused on child users between the ages of 13 and 17 authorized to manage business accounts, which facilitated the publication of the user's phone number and/or email address, depending on the DPC.

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The DPC spokesperson said: "We adopted our final decision last Friday and it contains a fine of 405 million euros." According to him, full details of the decision will be released next week. .

The Irish regulator completed a draft decision in the Instagram inquiry in December and shared it with other European Union regulators under the "one-stop-shop" system of the bloc to regulate large multinationals, according to Reuters.

Meta Platforms did not immediately respond to an email seeking comment.

Price Action: US markets remained closed on Monday. Shares of Meta Platforms closed more than 3% lower at $160.32 on Friday, according to data from Benzinga Pro.

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