EU fines Meta over $840 million for ‘abusive practices’ favoring Facebook Marketplace
Meta received a fine of over $840 million on Wednesday for breaching the European Union’s antitrust rules as it relates to market domination after three years of legal proceedings.
The multinational company was penalized for tying its online classified ads service Facebook Marketplace to its personal social network Facebook according to the release.
The feature allows Meta to use data generated by other advertisers on Facebook and Instagram to attract customers on Facebook Marketplace.
The Hill reached out to Meta for comment.
The European Commission ordered Meta to end its conduct and to refrain from repeating similar advertising methods in the future after opening a formal investigation in 2021 followed by a Statement of Objections in 2022.
“In setting the level of the fine, the Commission took into account the duration and gravity of the infringement, as well as the turnover of Facebook Marketplace to which the infringements relate and which therefore defines the basic amount of the fine,” the Commission wrote.
“In addition, the Commission considered Meta's total turnover, to ensure sufficient deterrence for a company with resources as significant as Meta's,” it added.
Topics
-
EU fines Facebook parent Meta nearly 800 million euros over 'abusive' Marketplace practices
Tech - ABC News - 2 days ago -
EU slaps Meta with a nearly 800 million euro fine for engaging in 'abusive' Marketplace practices
World - ABC News - 2 days ago -
EU slaps Meta with nearly 800M euro fine for 'abusive' Marketplace practices
Tech - ABC News - 2 days ago -
Meta fined €798m over 'unfair' Facebook Marketplace
Top stories - BBC News - 2 days ago -
Meta Fined $843 Million by EU Over Marketplace Ads Platform
Tech - The Wall Street Journal - 2 days ago -
Meta Fined $840 Million in Europe for Boosting Marketplace Unfairly
Business - The New York Times - 2 days ago -
Meta fined nearly €800mn for breaking EU law over classified ads practices
World - Financial Times - 2 days ago -
South Korea fines Meta $15 million for illegally collecting information on Facebook users
Tech - ABC News - November 5
More from The Hill
-
Chris Cuomo reveals he voted for his brother in presidential election
Politics - The Hill - 30 minutes ago -
Biden meets with Xi for the last time in Peru
Politics - The Hill - 53 minutes ago -
Huckabee praises Hegseth, blames 'woke' mindset for low military recruitment
Politics - The Hill - 1 hour ago -
Trump's military threats alarm Democrats; GOP shrugs
Politics - The Hill - 1 hour ago -
Elon Musk's companies balloon in value, with one exception
Politics - The Hill - 1 hour ago
Latest in Politics
-
Every uncalled congressional race left in the 2024 election
Politics - NBC News - 22 minutes ago -
Chris Cuomo reveals he voted for his brother in presidential election
Politics - The Hill - 30 minutes ago -
Biden meets with Xi for the last time in Peru
Politics - The Hill - 53 minutes ago -
Huckabee praises Hegseth, blames 'woke' mindset for low military recruitment
Politics - The Hill - 1 hour ago -
Trump's military threats alarm Democrats; GOP shrugs
Politics - The Hill - 1 hour ago