The Brexit has summoned havoc for Dov, and the tech and internet giants like Facebook, Apple, Netflix and Google seem vulnerable. Global policymakers have raised concern about the impact of Brexit on Silicon Valley.
The exit of Britain from the European Union has threatened an effort to ease the rules for them and many others. In one way, the deal could be the best for companies as the European Union has been the biggest trouble maker for them when it comes to trade. But, even the exit won’t arrive as any help, and the impact of Brexit on Silicon Valley giants could well be a nightmare. This is because it is likely that the UK will perhaps impose its own rules for American Internet giants.
The U.K.’s Data Protection Act is likely to remain in force. Information Commissioner Christopher Graham said that the EU’s tougher General Data Protection Regulation won’t apply in the U.K. But that did not mean that tech companies operating in the U.K. were off the hook. Even though it won’t be part of the EU, the UK will have to reform its privacy laws so data could cross borders without any issue. Although, there is a concern that there is no word about how these policies are going to look like.
Martin pointed out the fact that just 200 million of Facebook’s one billion daily users are in the U.S. This could spell challenges when translating those growing overseas revenue streams into a strengthening dollar.
Laura Martin, CEO of Capital Knowledge- Needham & Company, pointed to the fact that just 200 million of Facebook’s one billion daily users are from the US. This could spell challenges when translating those growing overseas revenue streams into a strong dollar.