EU regulator moves closer to block of Facebook, Instagram data flows - Reuters
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Ireland's data privacy regulator is moving closer to a ruling that could halt data transfers between the EU and U.S. from Facebook and Instagram (NASDAQ:META), Reuters reports.
That comes through an updated draft order it shared with other European regulators, according to the report.

The draft order follows a saga from 2020 when Europe's highest court ruled that privacy concerns made an existing EU-U.S. data transfer agreement invalid. That was followed by a provisional order from Ireland's Data Protection Commission that blocked Meta's data transfer mechanism, and then a preliminary deal between the two regions looking to end the stalemate.
Ireland's investigation continued in parallel, however.
Next steps: EU regulators have a month to give input, and any objections to the draft order might postpone action by months.
In a generally higher tech stock market, Meta is down 0.7% early Thursday.