Europe Fines Meta $840 Million Over Abusive Practices Benefiting Facebook Marketplace

November 15, 2024

The European Union has fined Meta €798 million ($840 million) for alleged antitrust violations, claiming the tech giant used its dominance in social networking to unfairly promote Facebook Marketplace.

The EU argued that by linking Marketplace to Facebook, Meta hindered competition from other classified ad services. The investigation, launched in 2021, also cited unfair trading conditions for rivals.

Meta plans to appeal but will develop a compliant solution in the interim. Penalties reflect the EU's robust stance on regulating Big Tech's competitive practices.
Source: CNN

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Europe Fines Meta $840 Million Over Abusive Practices Benefiting Facebook Marketplace

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