Facebook moves 1.5 billion users out of reach of new EU privacy law

The transcript discusses the impact of the European Union's General Data Protection Regulation (GDPR) on global companies, particularly Facebook. It highlights the shift in data governance for users outside the US and Canada, moving from Ireland to California. The GDPR, effective May 25th, allows European regulators to fine companies for data misuse without user consent, with potential fines up to 4% of global revenue. Facebook's data handling changes affect over 70% of its users, with significant user bases in Europe, Asia, Africa, and Latin America.

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