Last update:November 15, 2024, 00:15 IST

The European Commission, the executive branch of the 27-nation bloc and the main agency responsible for enforcing antitrust laws, imposed a fine of 797.72 million euros ($841 million) after a lengthy investigation revealed that the company had abused its dominant position and engaged in anti-competitive behavior.

Meta said in a statement that the decision does not prove any “competitive harm” to competitors or consumers and “ignores the realities of the thriving European market for online classifieds services.” The company has vowed to appeal. (Photo: AP file)

European Union regulators on Thursday fined Facebook’s parent company, Meta, nearly 800 million euros for what they called “abusive practices” involving its Marketplace online classifieds business.

The European Commission, the executive branch of the 27-nation bloc and the main agency responsible for enforcing antitrust laws, imposed a fine of 797.72 million euros ($841 million) after a lengthy investigation revealed that the company had abused its dominant position and engaged in anti-competitive behavior.

Brussels had accused Meta of distorting competition by linking its online classifieds business to its social network, automatically exposing Facebook users to Marketplace “whether they like it or not” and excluding competitors.

He was also concerned that Meta was imposing unfair business terms with terms of service allowing the company to use advertising-related data – generated by competitors who advertise on Facebook or Instagram – to benefit Marketplace .

Meta said in a statement that the decision does not prove any “competitive harm” to competitors or consumers and “ignores the realities of the thriving European market for online classifieds services.” The company has vowed to appeal.

(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Associated Press)

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