EU slaps Meta with a nearly 800 million euro fine for engaging in ‘abusive’ Marketplace practices
November 14, 2024
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 behavior. 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.
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