4 sources·Business

Meta Fined $841 Million by EU for Antitrust Violations Related to Marketplace

The EU imposes a significant fine on Meta for anti-competitive practices involving its Facebook Marketplace service, challenging its market dominance.

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Updated: Nov 14th, 2024, 11:30 AM ET

Summary

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The European Commission levied a fine of €797.72 million against Meta for abusing its market position by linking its Facebook Marketplace to the Facebook social network, limiting competition. The ruling found that Meta distorted competition and imposed unfair trading conditions on rivals. Meta plans to appeal the decision, claiming that no competitive harm was demonstrated and users can choose not to engage with Marketplace. The fine reflects ongoing regulatory scrutiny of Big Tech in Europe.

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