Date
11/20/2024 1:32:04 AM
(MENAFN) The European Commission has imposed a hefty fine of €797 million ($842 million) on Meta Platforms, accusing the company of anticompetitive practices that allegedly favored its facebook Marketplace service. According to the EU, Meta violated antitrust regulations by unfairly tying Facebook Marketplace to its main social network, Facebook, and by imposing unfavorable conditions on rival online classified ad services.
The EU ruling claims Meta forced users to engage with Facebook Marketplace through an illegal "tie," which Meta disputes. The company argues that users had the option to choose whether to use the Marketplace service or not. This fine follows a formal investigation that began in 2021, when the European Commission raised concerns about Meta's potential abuse of its market power.
In addition to this, Meta has faced other regulatory challenges, including accusations of violating the EU’s Digital Markets Act earlier this year. The EU criticized Meta’s "pay or consent" advertising model, arguing that it unfairly pressured users to consent to data collection for targeted ads. Meta maintains that its advertising approach is in compliance with EU regulations and is designed to offer an alternative to personalized ad services.
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