In the companies investor statement, Facebook said:

"If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on Standard Contractual Clauses [now also subject to new judical scrutiny] or rely upon other alternative means of data transfers from Europe to the United States, we will likely be unable to offer a number of our most significant products and services, including Facebook and Instagram, in Europe, which would materially and adversely affect our business, financial condition, and results of operations."

That was reported as Facebook threatening to pull out of the EU if its demands on data transfer were not met.  Unfortunately for Facebook a lot of Europeans thought a Europe without Facebook would be a good idea and this worried Facebook’s jittery investors even further.

This meant that Public Policy Europe Vice President Markus Reinisch had to issue a statement that Meta was not wanting or “threatening” to leave Europe and any reporting that implies it did was not true.

“Much like 70 other EU and US companies, we are identifying a business risk resulting from uncertainty around international data transfers,” he said.

Facebook had raised international data transfers in each of our earnings since at least Q2 2018 and highlighted the specific risk to our services in Europe and the need for a safe, secure EU-US data transfer mechanism in our last four earnings.

He said that international data transfers underpin the global economy and support many of the services that are fundamental to our daily lives. Businesses across industries need clear, global rules to protect transatlantic data flows over the long term.

“We have absolutely no desire to withdraw from Europe; of course, we don’t. But the simple reality is that Meta, like many other businesses, organisations and services, relies on data transfers between the EU and the US in order to operate our global services. We’re not alone. At least 70 other companies across a wide range of industries, including ten European businesses, have also raised the risks around data transfers in their earnings filings,” Reinisch said.

International data transfers underpin the global economy and support many of the services that are fundamental to our daily lives. For many years, the legal framework supporting the transfer of data across the Atlantic has faced severe disruption. The Safe Harbour Agreement was struck down by the European Court of Justice in 2015. Last summer Privacy Shield, which was used by more than 5,000 companies on both sides of the Atlantic, was also invalidated by the European Court of Justice. These decisions have been made based on a conflict between EU and US laws over the protection of data. We want to see the fundamental rights of EU users protected, and we want the internet to continue to operate as it was intended: without friction, in compliance with applicable laws — but not confined by national borders.