Meta could face a huge fine amid an ongoing European Union investigation of concerns it hasn’t done enough to combat disinformation ahead of upcoming European elections.
Transcript:
I’m Caroline Woods reporting from the New York Stock Exchange – here’s what we’re watching on TheStreet today.
Wall Street will be closely monitoring the Federal Reserve’s two-day policy meeting, which kicks off on Tuesday, April 30th. The CME’s fed watch tool currently predicts a greater than 97 percent chance of interest rates remaining unchanged.
Investors will also be awaiting a host of earnings set to be reported on Tuesday – including Amazon, 3M, PayPal and AMD.
In other news – Meta is once again facing scrutiny in Europe. EU officials are investigating the company on concerns it hasn’t done enough to combat disinformation ahead of upcoming European elections.
The investigation alleges meta hasn’t fully complied with the EU’s Digital Services Act. Among other things, the EU is looking into how the company has handled advertising by scammers, as well as those looking to interfere with elections.
Officials are also looking into Meta’s decision to rank political content lower on users’ feeds, claiming it may violate transparency rules.
Meta released a statement addressing the allegations, saying “We have a well-established process for identifying and mitigating risks on our platforms. We look forward to continuing our cooperation with the European Commission and providing them with further details of this work.”
If the Commission finds Meta to have violated the digital services act, the company could be fined up to 6 percent of its entire global revenue.
That’ll do it for your daily briefing – from the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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