European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what it calls “abusive practices” involving its Marketplace online classified ads business
FILE - The Meta logo is seen at the Vivatech show in Paris, France, on June 14, 2023. European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call “abusive practices” involving its Marketplace online classified ads business.
The European Commission, the 27-nation bloc's executive branch and top antitrust enforcer, issued the 797.72 million euro penalty after itsBrussels hadof distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace “whether they want it or not" and shutting out competitors.
It was also concerned that Meta was imposing unfair trading conditions with a terms of service that authorized the company to use ad-related data — generated from competitors who advertise on Facebook or Instagram — to benefit Marketplace. Meta said in a statement that the decision fails to prove any “competitive harm” to rivals or consumers and “ignores the realities of the thriving European market for online classified listing services.” The company vowed to appeal.
Government Regulations Business Politics Technology World News General News Article 115857031
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EU slaps Meta with a nearly 800 million euro fine for engaging in 'abusive' Marketplace practicesEuropean Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what it calls “abusive practices” involving its Marketplace online classified ads business. The European Commission, the 27-nation bloc’s executive branch and top antitrust enforcer, issued the 797.
Read more »
EU slaps Meta with a nearly 800 million euro fine for engaging in 'abusive' Marketplace practicesEuropean Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what it calls “abusive practices” involving its Marketplace online classified ads business.
Read more »
Meta is opening a pop-up retail store for the Ray-Ban Meta glassesThe Meta Lab retail experience will be a pop-up store in LA from November 8th through the end of the year.
Read more »
European markets set to open lower ahead of European growth data, more earningsEuropean markets are heading for a negative open Wednesday, as investors await the latest growth data from the region and another batch of earnings.
Read more »
As 'Sentient Memecoins' Become Latest Crypto Fad, GOAT Surges to $800M and an AI RamblesShaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Read more »
Major airline to spend over $800M to upgrade cabins of long-haul aircraftSingapore Airlines announced Monday its long-haul and ultra-long-haul Airbus A350-900 planes will undergo an interior makeover. The initiative will cost more than $834 million.
Read more »