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META is fined 798 million euros

2024-11-14 16:46:00, Tech CNA

META is fined 798 million euros

Meta has been fined 798 million euros for violating competition law by introducing Facebook Marketplace into its social network.

The European Commission said this meant alternative classified advertising services faced "unfair trading conditions", making it harder for them to compete.

In addition to the fine, she has ordered Meta to stop imposing these conditions on other services.

Meta said he rejected the Commission's findings and would appeal.

EU antitrust chief Margrethe Vestager said Facebook had hampered other providers of online classified advertising services.

"It did this to take advantage of its own Facebook Marketplace service, giving it advantages that other providers of online classified advertising services could not match," she added.

It said Meta "must stop this behaviour", with the EU asking the firm to "refrain from repeating" the breach.

Meta said the Commission had provided "no evidence" of harm to competitors or consumers.

"This decision ignores market realities and will only serve to protect existing markets from competition."

The decision is the result of an investigation that the Commission opened in 2021, after Meta's rivals complained that Facebook Marketplace gave them an unfair advantage./ CNA





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