The European Commission, the primary governing body of the European Union, has fined Meta, the company that was Facebook and technically is Facebook but now has a different name that isn’t Facebook, a staggering $840 million for breaching European Union antitrust laws.
The EU says the social media giant unfairly promoted its classified ad service, Facebook Marketplace.
The commission says that Meta unlawfully linked Facebook with Marketplace, giving their own classified ads service an advantage that competitors simply cannot match. The EU says this practice lets Meta apply data from third-party ads into the marketplace, another advantage over its competitors. Meta intends to appeal the decision, arguing that the European Union unfairly targeted its service.
The fine was levied after the European Commission launched an investigation into whether Meta was violating regional competition rules, an investigation that was initially launched in 2021. News of the nearly $1 billion fine comes as no surprise to Meta as they were fully expecting the recent probe to result in a fine.
Meta has been catching flak from all angles in Europe and the UK. In May 2023, Meta was ordered by the United Kingdom to limit its use of added data, also out of antitrust concerns. The EU and the UK have a much lower tolerance for corporate skullduggery than the United States.
The post Meta Fined $840 Million Over ‘Abusive Practices’ on Facebook Marketplace appeared first on VICE.
The post Meta Fined $840 Million Over ‘Abusive Practices’ on Facebook Marketplace appeared first on VICE.