The Spanish court ruled that Meta (META.US) must pay $550 million to digital media organizations for suspected unfair competition and violations of EU data protection regulations.

Zhitong Finance APP learned that a court in Spain has ruled that Meta (META.US) must pay 479 million euros (approximately 552 million US dollars) to Spanish digital media organizations for unfair competition and violations of EU data protection regulations. It is reported that the Commercial Court of Madrid stated on Thursday that this compensation will be paid to 87 digital news publishers and communication agencies, as Meta's use of personal data for behaviorally targeted advertising on Facebook and Instagram is related to the case. The court pointed out that this American tech giant has gained a "significant competitive advantage" in the online advertising market in Spain by unlawfully processing user data. The court also stated that Meta violated the EU's General Data Protection Regulation (GDPR) and therefore also violated Spain's antitrust laws.