https://www.theguardian.com/technology/2023/jan/04/meta-dealt-blow-eu-ruling-data-opt-in-facebook-instagram-ads

[...]
The privacy campaign group Noyb, which triggered the decision after lodging 
complaints against Meta, said the outcome was a “huge” financial blow to the 
company, which relied on advertising for 98% of its $118bn (£98bn) turnover in 
2021. Max Schrems, the honorary chair of Noyb, said Facebook and Instagram 
users in the EU would now need to be asked whether they wanted their data to be 
used for ads.

“This is a huge blow to Meta’s profits in the EU,” he said. “People now need to 
be asked if they want their data to be used for ads or not. They must have a 
‘yes or no’ option and can change their mind at any time. The decision also 
ensures a level playing field with other advertisers that also need to get 
opt-in consent.”

The DPC has given Meta three months to bring its data processing operations 
into compliance with the decision, which imposed a fine of €210m for the 
Facebook GDPR breach and €180m for Instagram. It did not give details of how 
Meta should comply with the decision.
[...]
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