UK government fines FB for failing to reveal what it is doing – again

Facebook owner Meta has been fined by a UK regulator over what it says are repeated failures to disclose important parts of its business. The Competition and Markets Authority (CMA) will fine Meta £1.5 million because it did not tell the regulator about important changes happening at the company, the regulator said.

"Meta failed to alert us in advance to important changes in their staff, despite knowing they were legally required to do so. This is not the first time this has happened."

It is the latest bad news for Meta, which reported weak results this week showing that its number of active users were declining for the first ever time. The ensuing drop in the value of the company was the largest in stock market history, wiping $200 billion from the value of the company and drastically reducing chief executive Mark Zuckerberg’s net worth.

Meta said in a statement that it would pay the fine, though indicated that it disagreed with the way the decision had been made.