Meta Platforms faces a €798 million ($840 million) fine from the European Union for antitrust violations. The EU accused Meta of unfairly linking Facebook Marketplace to its social network. This practice, they claim, harms competing classified ad platforms.
Meta plans to appeal but will comply with the ruling for now. The company promised to address the EU’s concerns and develop a quick solution. It says it remains committed to resolving the issue and ensuring compliance with regulations. However, the company maintains that its practices are fair and that Marketplace offers value to users.
The EU started investigating Meta in June 2021. By December 2022, it alleged gaining an unfair advantage by combining Facebook Marketplace with Facebook. Marketplace launched in 2016 and expanded to Europe in 2017.
The European Commission claims the company forces Facebook users to engage with Marketplace. Meta denies this, arguing users can avoid Marketplace. It also says the EU found no evidence of harm to competitors.
EU antitrust rules allow fines of up to 10% of global revenue. This makes the penalty a major blow to Meta. It now faces the challenge of defending its business practices while adhering to EU regulations.
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