Connect with us

Hi, what are you looking for?

Stock

EU fines Meta 797 million euros over abusive practices benefiting Facebook Marketplace

BRUSSELS (Reuters) -The European Commission on Thursday fined Meta Platforms (NASDAQ:META) €797.72 million ($840.24 million) over abusive practices benefiting Facebook Marketplace, it said in a statement, confirming an earlier report by Reuters.

“The European Commission has fined Meta … for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers,” the European Commission said.

Meta said it will appeal the decision, but in the meantime, it will comply and will work quickly and constructively to launch a solution which addresses the points raised.

The move by the European Commission comes two years after it accused the U.S. tech giant of giving its classified ads service Facebook Marketplace an unfair advantage by bundling the two services together.

The European Union opened formal proceedings into possible anticompetitive conduct of Facebook in June, 2021, and in December, 2022, raised concerns that Meta ties its dominant social network Facebook to its online classified ad services.

Facebook launched Marketplace in 2016 and expanded into several European countries a year later.

The EU decision argues that Meta imposes Facebook Marketplace on people who use Facebook in an illegal “tie” but Meta said that argument ignores the fact that Facebook users can choose whether to engage with Marketplace, and many do not.

Meta said the Commission claimed that Marketplace had the potential to hinder the growth of large incumbent online marketplaces in the EU but could not find any evidence of harm to competitors.

Companies risk fines of as much as 10% of their global turnover for EU antitrust violations.

($1 = 0.9494 euros)

This post appeared first on investing.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Former president Donald Trump and his allies have filed hundreds of lawsuits, with more to come, seeking to tighten voting rules or disqualify voters....

    Economy

    LONDON (Reuters) – Bank of England interest rate-setter Megan Greene said she still believed the central bank should take a cautious approach to cutting...

    Editor's Pick

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...

    Latest News

    Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...

    Disclaimer: beneficialinvestmentnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 beneficialinvestmentnow.com