2024-11-14 17:55:09
Business
Economy
Europe

EU's Record Fine on Meta for Antitrust Violations

Image used under license from Shutterstock.com

The European Union Commission has levied a significant fine of €797.72 million against Meta, the parent company of Facebook. This financial penalty stems from Meta's integration of its Facebook Marketplace with the main social networking platform, a move deemed to disadvantage competitors. This act is considered an abuse of Meta's dominant market position in the realm of online classifieds and social networks.

Commissioner Margrethe Vestager, who spearheaded the charge, emphasized the unfair advantage Meta gained over its competitors by linking these services. The Commission's decision was the result of a formal investigation initiated in 2021. The fine takes into account the severity and duration of the infringement, as well as Meta's overall revenue from Facebook Marketplace, aiming to create a deterrent effect.

Meta plans to appeal the decision, arguing that the case is built on speculative harm to competition. Nonetheless, the company has stated its intention to adhere to the Commission's directives until a final court ruling is achieved. This latest action against Meta follows a broader pattern by the EU to scrutinize American tech giants, with previous fines imposed on companies such as Apple and Google for similar antitrust violations.

The EU Commission's decision also highlights concerns over Meta's access to competitors' data, especially when these entities advertise on platforms like Facebook and Instagram. As the legal process unfolds, Meta is required to cease the conduct deemed abusive and refrain from any future violations. This hefty penalty reflects the EU's ongoing commitment to ensuring fair competition in the digital market.

n-tv.de
14. November 2024 um 13:32

Violation of Antitrust Regulations: EU Imposes 800 Million Euro Fine on Meta - n-tv.de

Economy
Finance
Technology
The EU Commission imposes a fine of 797.72 million euros on Meta for violations of antitrust regulations. Meta linked its online classifieds service Facebook Marketplace with the social network Facebook to exclude competitors.
EURACTIV.com
14. November 2024 um 14:00

EU Commission fines Meta €797.72 mln for Facebook Marketplace’s alleged antitrust breach

Economy
Finance
Technology
Want to keep reading? Get a subscription on Euractiv Pro and elevate your political insight!
TechCrunch
14. November 2024 um 14:07

Meta slapped with a €798M fine in Europe, its biggest yet

Economy
Finance
Meta fined €797.72M in Europe over Facebook Marketplace antitrust violations, including unfair trading conditions and stifling new entrants in the thriving European online classifieds market; Meta claims Marketplace meets consumer demand in innovative ways, plans to appeal.
DER SPIEGEL
14. November 2024 um 13:41

Meta - Violation of Antitrust Regulations: EU Commission Imposes Almost 800 Million Euro Fine on Meta - DER SPIEGEL

Economy
Finance
Technology
The EU Commission imposed a fine of 797.72 million euros on the Facebook parent company Meta due to violations of competition regulations. Meta unfairly linked its online classified ads service Facebook Marketplace to the social network. The company plans to appeal the decision, but will follow the instructions until the court ruling.
CW

Account

Waiting list for the personalized area


Welcome!

InfoBud.news

infobud.news is an AI-driven news aggregator that simplifies global news, offering customizable feeds in all languages for tailored insights into tech, finance, politics, and more. It provides precise, relevant news updates, overcoming conventional search tool limitations. Due to the diversity of news sources, it provides precise and relevant news updates, focusing entirely on the facts without influencing opinion. Read moreExpand

Your World, Tailored News: Navigate The News Jungle With AI-Powered Precision!