EU fines Facebook owner Meta $840 million over abusive practices
November 14, 2024
STORY: The EU hit Facebook owner Meta with a huge fine on Thursday (November 14) for breaching antitrust rules.The tech giant must pay just over $840 million for abusive practices that benefited its online classified ads service Facebook Marketplace.The European Commission accused Meta of tying Marketplace to its personal social network Facebook.It further said Meta imposed unfair trading conditions on other online classified ads service providers.Meta said in a statement it will appeal the decision.The U.S. firm said in the meantime it will work quickly to find solutions for the points raised.The EU decision argues Meta imposes Marketplace on people who use Facebook in an illegal “tie.”But Meta said that ignores how Facebook users can choose whether to engage with Marketplace, and many do not.Meta said the Commission claimed Marketplace could hurt the growth of large online marketplaces in the EU but didn’t find any evidence of harm to competitors.Companies risk fines of as much as 10% of their global turnover for EU antitrust violations.
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