6 days ago
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Meta, the parent of Facebook, Instagram and WhatsApp, has been hit with yet another huge fine in Europe, this time over abusive practices in Facebook Marketplace. The European Commission announced that it would fine it €797.72 million — nearly $840 million — for breaching EU antitrust rules connected to how it ties its online classified ads service, Facebook Marketplace, creating “unfair trading conditions” for other providers of classifieds online.
The fine is the latest instalment of a case that dates back to June 2021. In December 2022, the regulators had determined that Facebook Marketplace violated antitrust rules. Today, it’s issuing the penalty for that violation.
Facebook has been quick to say that it will appeal the ruling. “This decision ignores the realities of the thriving European market for online classified listing services and shields large incumbent companies from a new entrant, Facebook Marketplace, that meets consumer demand in innovative and convenient new ways,” the company said in a statement.
More to come.
