This fine is unfair as it singles out Facebook for using the exact legal mechanism thousands of US companies follow to provide services in Europe. Moreover, it sets a dangerous precedent for the countless tech firms transferring data between the EU and the US.
As US intelligence agencies — through their close relationship with Big Tech — have used data transfers to collect European citizens' information, this is a big win for privacy. Meta should also count its blessings, as it's been breaking European law for ten years and could have been fined the maximum of $4B.
This is another example of policing the internet cloaked as providing "data safety" for European users. Though it strikes a blow against surveillance capitalism — which has become Silicon Valley's default model for capital accumulation — the fine is inconsequential for Europeans' rights as Meta will likely hold on to data it has moved unlawfully.
There's a 50% chance that the US will break up Meta Platforms no earlier than January 2030, according to the Metaculus prediction community.