Meta’s Draft EU Data Transfer Decision

  • by Arlo Gilbert
  • · posted on February 24, 2022
  • · 2 min read
Meta’s Draft EU Data Transfer Decision

The endowment effect is a fancy term that psychologists use to describe that we value something more when we own it. Years ago, I picked up a cheap leather bench. I remember buying it and questioning whether it was worth the $100 or not (TLDR, it was not).

However, that cheap bench became a battleground when my then-fiancée and now better-half first moved into my home. She didn’t like the bench, and despite not caring for it much myself, I felt gutted when she suggested we get rid of it. "But it's my bench," I whined. We argued for a week about that bench, and eventually, she won.  That, my friends, is the endowment effect on full display. Something I didn’t value before I owned it suddenly became valuable to me when faced with the prospect of losing it.

So although the news of Facebook’s Meta’s precipitous and overnight $232 Billion in market cap decline is a few weeks old, I couldn’t help but think of Mark Zuckerberg this week when the Irish DPA handed down more tough news, likely erasing another $10B in revenue. As we all collectively mourn Mark’s metamorphosis from wealthy billionaire to slightly less wealthy billionaire, I can’t help but wonder whether, underneath his Meta Quest headset, he feels sadness at losing something he once had. Or perhaps in the metaverse, he is surrounded by virtual clouds with silver linings.

However, the news of his financial loss was quickly overshadowed by other global events...

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What would have been front-page news on any other day is not even found above the fold as the media diverts our attention towards the brewing war in Ukraine. So this week, news in the world of data privacy has been oddly quiet as we all hope that World War 3 can be averted. As we learn more about Putin’s motive for attacking Ukraine, it looks more and more like the endowment effect is in play here. Although Ukraine’s independence has posed nary a threat to him, some political pundits have theorized that Putin primarily wants Ukraine back because it was something that Russia once owned, so he values it.

To the thousands of Privacy Insider readers who are being impacted, know that all of us at Osano are thinking of you.

Until next week,
-Arlo

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About The Author · Arlo Gilbert

Arlo Gilbert is the CEO & co-founder of Osano. An Austin, Texas native, he has been building software companies for more than 20 years in categories including telecom, payments, procurement, and compliance. In 2005 Arlo invented voice commerce, he has testified before congress on technology issues, and is a frequent speaker on data privacy rights.