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Joerg Koch/AP

France's data privacy regulatory arm announced it's fining Facebook 150,000 euros for violating data privacy standards. The group says Facebook used consumers' data, without a legal basis, to help advertisers target ads, and employed an unfair and opaque tracking technique through a cookie called "datr." Belgium has announced similar conclusions.

Why it matters: Europe has much stricter data privacy policies than the U.S., which has inhibited data-driven U.S. tech companies like Facebook and Google in those markets. Facebook, in particular, has been affected because of cookies they use to collect users' data even when they aren't signed in. E.U. regulators argue Facebook isn't doing enough to inform people about data collection.

Still to come: France and Belgium are part of a group of countries currently reviewing data policy policies. Spain and Germany are still reviewing Facebook's policies.

Go deeper

Dan Primack, author of Pro Rata
41 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.