The daily business briefing: May 23, 2023

European regulators hit Meta with a record $1.3 billion fine, Biden and McCarthy finish 'productive' debt limit talks without a deal, and more

The Meta logo on a screen
The $1.3 billion fine against Meta is the largest the E.U. has ever levied
(Image credit: Esra Hacioglu Karakaya/Anadolu Agency via Getty Images)

1. EU regulators fine Meta a record $1.3 billion

The Irish Data Protection Commission on Monday imposed a record $1.3 billion fine on Facebook-parent Meta after finding that the social media giant violated European Union privacy laws by transferring users' data from Europe to the United States. The commission ordered Meta to stop sending personal user data to the U.S. from the European Economic Area, which includes the E.U. and non-E.U. countries Iceland, Liechtenstein, and Norway. The fine is the largest the trading bloc has ever levied, surpassing an $887 million penalty a European privacy regulator demanded from Amazon, which the online retail giant said it would appeal. Meta said the decision was "flawed" and "unjustified," calling it a "dangerous precedent" that threatened many companies.

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