• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs

1

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
FinanceData Sheet
Europe

Meta won’t have to pull Facebook and Instagram out of Europe after all—at least, not for now

By
David Meyer
David Meyer
Down Arrow Button Icon
By
David Meyer
David Meyer
Down Arrow Button Icon
July 10, 2023, 12:59 PM ET
In this photo illustration, Facebook logo seen displayed on a smartphone screen and the European Union (EU) flag in the background.
Pavlo Gonchar—SOPA Images/LightRocket/Getty Images

Happy Monday. In what appears to be a big win for American companies with European customers, the EU just approved a new agreement with the U.S. that will allow Big Tech and many smaller firms to continue to export Europeans’ personal data to American shores.

Recommended Video

This is a last-minute reprieve for Meta, which was facing the serious possibility of having to pull Facebook and Instagram out of the EU in October because all its possible legal arguments for exporting data to the U.S. had been shot down by the EU’s Court of Justice (CJEU) and privacy regulators. Now Meta and its peers have a legal basis to keep going in Europe without having to silo off their operations there.

For now, that is. Tech industry lobbying groups like the CCIA may be hailing the Trans-Atlantic Data Privacy Framework as “durable,” but Max Schrems, the man whose fight against Facebook led the CJEU to nuke two previous EU–U.S. data-sharing agreements, says the new deal is certain to share their fate.  

This long-running saga boils down to the vast powers of U.S. intelligence agencies to spy on the data of non-Americans that is held in American data centers, and the fact that data privacy is a fundamental right in Europe. The two previous agreements—named Safe Harbor and Privacy Shield—were shot down because they didn’t stop U.S. spies from snooping around Europeans’ data, and because Europeans had no meaningful, independent channel of complaint in the U.S. if they think their data is being misused.

Schrems, an activist lawyer who so far has an excellent record of predicting how his CJEU cases will turn out, says the new framework still falls short of adequately protecting Europeans’ data because the concessions made by the Americans don’t go far enough. He says there’s no common understanding between the two sides of what it means for the Americans to promise to keep their bulk surveillance “proportionate,” and the new U.S. body for listening to Europeans’ complaints has been set up to be a brick wall. Schrems is confident the CJEU won’t be impressed by either measure and, despite the Commission’s political imperative to keep playing nicely with the U.S., the EU legal system will doom the deal.

“We have various options for a challenge already in the drawer, although we are sick and tired of this legal Ping-Pong,” Schrems said in a statement. “We currently expect this to be back at the Court of Justice by the beginning of next year. The Court of Justice could then even suspend the new deal while it is reviewing the substance of it.”

Didier Reynders, the EU’s justice commissioner, said in a press conference today that people should “test the system before going too far in the criticism of the new system.” He also took a swipe at Schrems and his crowdfunded privacy organization, NOYB (“None of Your Business”), saying “access to the Court of Justice is part of the business model of some civil society organizations.”

But if Schrems is right, could this doomed-deal-to-replace-a-doomed-deal game just go on forever? “Yes, this could [go] on for another 100 circles,” Schrems said, unless the Commission has a change of attitude. “The last time they said there will be no deal unless there [are] major changes—now we have another, ‘Oh you slapped a new name on it and rephrased some stuff, all cool.’”

Either way, Big Tech’s European policy people get to exhale for a while—at least when it comes to being able to export Europeans’ personal data. There’s still that whole business of the CJEU blowing up the legal bases for targeted advertising in the bloc, but we can’t make things too easy now, can we?

More news below. And by the way, nominations for Fortune’s Change the World list are now open here, and for our Most Powerful Women list here.

Want to send thoughts or suggestions to Data Sheet? Drop a line here.

David Meyer

NEWSWORTHY

Telecoms lead threat. Thousands of old phone network cables are leaching lead in the U.S., and regulators and the likes of AT&T and Verizon are doing nothing about the problem, according to a bombshell Wall Street Journal investigation. This explains why, in many places in the U.S., communities continue to see dangerous lead contamination despite the country’s best efforts to remove the poisonous metal from things like paint and gasoline.

Fighting election threats. Experts are warning that disinformation will be harder to combat ahead of next year’s U.S. elections, thanks to last week’s injunction against the government talking to social media companies about taking down falsehood-packed posts. As the Washington Post reports, the Justice Department is trying to get a stay of the injunction, to allow “working with social media companies on initiatives to prevent grave harm to the American people and our democratic processes.”

ElonJet hits Threads. The banned-on-Twitter ElonJet account, which followed Elon Musk’s personal jet using public data, is now available on Instagram’s Threads. As The Verge notes, account creator Jack Sweeney’s “decision to resurrect his real-time Elon jet tracker on Threads could further inflame tensions between the two social media giants.” Meanwhile, lots of far-right figures are also trying to get a foothold in Threads.

SIGNIFICANT FIGURES

100 million

—The number of Threads sign-ups Mark Zuckerberg announced today, meaning Meta’s ersatz Twitter has reached the milestone even faster (five days versus two months) than ChatGPT did.

IN CASE YOU MISSED IT

Elon Musk urges Twitter users to stick around for the laughs and occasional ‘negative stuff’ as Mark Zuckerberg’s Threads races to record sign-ups, by Orianna Rosa Royle

Meta and OpenAI face lawsuits from comedian Sarah Silverman and authors after their content was allegedly used to train A.I. models, by Eleanor Pringle

Tech execs should face ‘20 years in jail’ for letting A.I. bots sneakily pass as humans, says ‘Sapiens’ author, by Steve Mollman

Wharton professor says ‘things that took me weeks to master in my Ph.D.’ take ‘seconds’ with new ChatGPT tool, by Stephen Pastis

Scientists just used A.I. to map a fruit fly’s brain. Here’s why it’s a ‘turning point in neuroscience,’ by Rachel Shin

No, A.I. robot did not side-eye a question about killing people: ‘It’s easy to imagine that it functions like a human. It does not,’ by Chloe Taylor

BEFORE YOU GO

A supersonic reprise. NASA’s experimental X-59 aircraft is about to embark on extensive flight safety tests. The Lockheed Martin–built plane is supersonic like the Concorde that was retired two decades ago, but the big hope is that it won’t surprise the heck out of communities below by emitting sonic booms.

As The Register reports, NASA will be asking people in cities whether they hear the hopefully quiet jet passing overhead. If all goes well, the agency will give regulators data in 2027 that could lead to the reversal of a 1973 ban on nonmilitary supersonic flights over the U.S.

This is the web version of Data Sheet, a daily newsletter on the business of tech. Sign up to get it delivered free to your inbox.

About the Author
By David Meyer
LinkedIn icon
See full bioRight Arrow Button Icon

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.


Latest in Finance

Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran
EnergyOil
Markets are jittery as the global oil crisis bleeds into a global debt selloff, while Trump weighs new military options on Iran
By Jason MaMay 17, 2026
4 hours ago
Gundlach says it’s ‘just not possible’ for the Fed to cut rates
EconomyFederal Reserve
Gundlach says it’s ‘just not possible’ for the Fed to cut rates
By Jordan Fitzgerald, Sam Kim and BloombergMay 17, 2026
7 hours ago
Supply shocks weren’t random. They were strategic—and should be seen as ‘supply coercion’ instead, former Fed official says 
Economysupply chains
Supply shocks weren’t random. They were strategic—and should be seen as ‘supply coercion’ instead, former Fed official says 
By Jason MaMay 17, 2026
7 hours ago
U.S. says China to buy $17 billion of agricultural goods annually
EconomyChina
U.S. says China to buy $17 billion of agricultural goods annually
By Yash Roy and BloombergMay 17, 2026
9 hours ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
EconomyDebt
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
10 hours ago
BlackRock private credit fund’s valuations are probed by DOJ
InvestingDepartment of Justice
BlackRock private credit fund’s valuations are probed by DOJ
By Olivia Fishlow, Ava Benny-Morrison and BloombergMay 17, 2026
12 hours ago

Most Popular

Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
AI
Microsoft AI chief gives it 18 months—for all white-collar work to be automated by AI
By Jake AngeloMay 16, 2026
2 days ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
5 days ago
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
Economy
The top foreign holders of U.S. debt may soon dump Treasury bonds and bring their money back home, potentially spiking borrowing costs
By Jason MaMay 17, 2026
10 hours ago
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
Politics
Former top Russian official admits the country is over Putin and can 'imagine a future without him' — even elites bail as Kremlin seizes their assets 
By Jason MaMay 16, 2026
1 day ago
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
Success
'No one was coming to save me': How Reese Witherspoon built a $900 million company from a problem Hollywood wouldn't fix
By Sydney LakeMay 17, 2026
17 hours ago
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
Innovation
SpaceX heads into a record-shattering IPO with the 'deepest moat that exists today' as investors vow to 'never bet against Elon'
By Jason MaMay 16, 2026
1 day ago