Meta Platforms, the parent company of Facebook, has faced its first antitrust fine from the European Union. The company is accused of merging its Facebook Marketplace private classifieds service with the social network’s main platform, giving the Marketplace an unfair advantage.
The fine could be huge, up to $13.4 billion
The European Commission alleges that Meta abused its dominant market position by imposing unfavorable conditions on competing online ad services that run ads on Facebook or Instagram. This practice, according to the EU, suppressed competition.
Meta could face a hefty fine of up to $13.4 billion, which is 10% of its global revenue for 2023. The company denies the allegations, arguing that its actions benefit consumers and promote competition.
The European Commission is expected to make a final decision in the coming months, and a potential fine could be imposed before EU competition chief Margrethe Vestager steps down in November.
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