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European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call abusive practices involving its Marketplace online classified ads business.
The European Commission, the 27-nation bloc's executive branch and top antitrust enforcer, issued the 797.72 million euro ($841 million) penalty after its long-running investigation found that the company abused its dominant position and engaged in anti-competitive behaviour.
Brussels had accused Meta of distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace whether they want it or not" and shutting out competitors.
It was also concerned that Meta was imposing unfair trading conditions with a terms of service that authorised the company to use ad-related data generated from competitors who advertise on Facebook or Instagram to benefit Marketplace.
Meta said in a statement that the decision fails to prove any competitive harm to rivals or consumers and ignores the realities of the thriving European market for online classified listing services. The company vowed to appeal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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