Amazon fined $ 887 million in Europe

News

Amazon fined $ 887 million in Europe

02.08.2021 News

The Luxembourg National Data Protection Commission has fined Amazon $ 887 million for violating the processing of users’ personal data.

The Commission has decided that the processing of Amazon’s personal data does not comply with EU data protection regulations. Claims are related to showing customers relevant advertising. This is a record fine for such violations since the entry into force in the EU of the General Regulation on Personal Data Protection on May 25, 2018. In addition to the fine, the company is also required to review the current practice of collecting personal data.

Amazon called the commission’s decision unfounded and said it would appeal it – the company claims that customer data was never passed on to third parties. Following the release of this information, Amazon shares on the Nasdaq at the opening of trading on July 30 fell immediately by 7.14 percent.

In turn, Amazon founder Jeff Bezos lost $ 14 billion and lost the first line in the list of richest people to the president of Louis Vuitton Moët Hennessy (LVMH) Bernard Arnault, according to Forbes Real-Time.

According to Forbes, Bezos’ fortune is $ 191.9 billion, while Arno’s fortune is $ 194.2 billion.

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