EU Data Watchdog Slaps €746M Penalty On Amazon

·1 min read
  • On July 16, the Luxembourg National Commission for Data Protection (the CNPD) held Amazon.com Inc's (NASDAQ: AMZN) Amazon Europe Core S.à r.l. for not complying with the personal data processing under the EU General Data Protection Regulation.

  • It levied a penalty of €746 million and corresponding practice revisions.

  • Amazon has refuted the allegation and planned to contest it.

  • Amazon held $89.9 billion in cash and equivalents as of Jun. 30.

  • The Irish Data Protection Commission is likely to slap a fine of €30 million - €50 million to Facebook Inc's (NASDAQ: FB) WhatsApp for alleged violation of its data protection rules.

  • Amazon announced worse-than-expected second-quarter financial results yesterday and issued guidance below estimates.

  • Many analysts also lowered the price targets on Amazon.

  • Price action: AMZN shares traded lower by 7.07% at $3,345.10 on the last check Friday.

  • Image by Okan Caliskan from Pixabay

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