Some unofficial sources claim that because of “Rodo” in Europe.

As it turns out EU law requires companies that gather user data within the union to keep and process that data on European servers.
In case of Facebook and Instagram their servers are in Europe and USA, which makes a huge problem.

Meta company claims that because of that they might close the services in the EU.

However we don’t think that it is possible, there is too much money in Europe and Meta wouldn’t be so stupid to let it all go.

They are probably checking how much they can bend the rules, before accepting them.

Their stock went down 25% not long ago, which prooves that they cannot loose any more “customers”.