European Union regulators have imposed a nearly €800 million fine on Meta, the parent company of Facebook, for alleged anticompetitive practices involving its Marketplace online classified ads platform.
The European Commission, the EU’s executive body and top antitrust authority, announced the €797.72 million ($841 million) penalty following a comprehensive investigation. Regulators concluded that Meta abused its dominant position in the social media market and engaged in practices that distorted competition.
The Commission’s investigation found that Meta automatically tied its Marketplace service to Facebook, exposing users to the platform regardless of their interest and creating a competitive disadvantage for rivals. Additionally, Meta’s terms of service allegedly allowed it to exploit ad-related data from competitors advertising on Facebook and Instagram to enhance its Marketplace business.
In response, Meta rejected the ruling, stating that the decision fails to demonstrate any actual harm to competitors or consumers and overlooks the dynamic nature of Europe’s online classified ads market. The company has pledged to appeal the decision.
This case highlights the increasing scrutiny by EU regulators over big tech companies’ influence and market practices, with antitrust actions aimed at fostering fair competition across the bloc.
- How California’s Gas Prices Could Climb by $1,000 in 2025 - November 22, 2024
- SNAP-eligible food items for Thanksgiving and Christmas with $292 Food Stamp checks - November 22, 2024
- Don’t Panic! 23 Stores Open on Thanksgiving Day for Your Grocery Needs - November 22, 2024
