eBay stock jumped after Meta announced plans to allow listings on Facebook Marketplace. The move is seen as an attempt by Meta to address EU antitrust concerns.
Shares of eBay soared 12% Wednesday as Meta said it will allow some listings to show up on Facebook Marketplace , its popular platform connecting consumers for local item pickups and more. The rollout will begin with a test in Germany, France and the United States, where buyers will be able to view listings directly on Marketplace and complete the rest of their transactions on eBay, Meta said.
Meta's move is an attempt to appease the European Commission, the executive body of the European Union, after the regulator fined the company 797 million euros ($821 million) in November for tying its Marketplace product to the main Facebook app. At the time, the Commission said that Meta's bundling of Marketplace with Facebook could mean competitors are effectively 'foreclosed' given the distribution reach of the platform. Facebook counts more than 3 billion users globally. The Commission also said that Meta imposes 'unfair trading conditions' on other online classified ads service providers who advertise on its platforms, especially Facebook and Instagram. It added that these conditions allow Meta to use data generated from other advertisers to benefit Marketplace. Meta appealed the ruling at the time, saying that it 'ignores the realities of the thriving European market for online classified listing services.' Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly 'While we disagree with and continue to appeal the European Commission's decision on Facebook Marketplace, we are working quickly and constructively to build a solution which addresses the points raised,' the company said Wednesday
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