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Meta Platforms, Inc (NASDAQ:META) has announced that it will cease operating Threads in Turkey starting Monday, April 29, in response to an interim order from the Turkish Competition Authority (TCA).
This decision will likely disappoint many Turkish users actively participating in the Threads community.
Meta will notify all Turkish Threads users of this change through the app before the shutdown date to ease the transition.
Also Read: Meta Enhances Election Safeguards for 2024 To Tackle Misinformation
Users in Turkey can either deactivate their Threads profile, preserving the possibility of reactivating it if Threads returns, or delete their profile entirely.
Those opting for deactivation can still access and download their posts using the Download Your Information tool.
The move came after the TCA issued an interim order that prevented data sharing between Threads and Instagram, a decision Meta disagreed with.
The company said it believes it complies with all Turkish legal standards and plans to appeal the order.
Despite disagreeing with the TCA’s interim order, Meta temporarily suspended Threads’ operations in Turkey.
Meta intends to maintain a constructive dialogue with the TCA and aims to reinstate Threads for its Turkish user base as soon as possible.
Meta’s launch of Threads in the EU got delayed due to the Digital Markets Act (DMA), which, as of July 2023, classified Meta along with other tech leaders like Microsoft Corp (NASDAQ:MSFT) and Apple Inc (NASDAQ:AAPL) as platform gatekeepers.
Meta lowered the monthly fee for its ad-free versions of Facebook and Instagram in Europe to 5.99 euros, down from the initial 9.99 euros. The fee adjustment responds to the DMA’s restrictions on Meta’s ad personalization capabilities, seeking a balance between complying with EU privacy regulations and the DMA.
This adjustment occurs amidst broader EU scrutiny of Big Tech’s dominance and privacy practices, with Meta contesting a fee to fund the enforcement of the new EU Digital Services Act (DSA), which demands enhanced content moderation from major online platforms.
Meta stock gained 134% in the last 12 months. Investors can gain exposure to the stock via The Communication Services Select Sector SPDR Fund (NYSE:XLC) and Fidelity MSCI Communication Services Index ETF (NYSE:FCOM).
Price Action: META shares are trading lower by 2.41% at $499.58 on the last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Credits – Shutterstock
