Meta to face first EU antitrust fine
- July 26, 2024
- 0
Facebook’s parent company Meta Platforms faces its first antitrust fine from the European Union. The tech giant is accused of bundling a classified ad service Facebook Marketplace It
Facebook’s parent company Meta Platforms faces its first antitrust fine from the European Union. The tech giant is accused of bundling a classified ad service Facebook Marketplace It gives Marketplace an unfair advantage with its primary social networking platform.
The fine could be huge, up to $13.4 billion
The European Commission alleges that Meta abused its dominant market position by imposing unfavourable conditions on rival online advertising services that advertise on Facebook or Instagram, a practice that the EU said stifled competition.
Meta could face a hefty fine of up to $13.4 billion, or 10% of its global revenue in 2023. The company denies the allegations, saying its actions benefit consumers and promote competition.
The EU Commission is expected to make a final decision in the coming months, with the potential fine to be imposed before EU antitrust chief Margrethe Vestager leaves in November. Source
Source: Port Altele
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