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Europe has imposed a penalty of $840 million on Meta for its 'exploitative' methods that have advantages for Facebook Marketplace.
The European Commission has imposed a penalty on Meta … for violating EU antitrust regulations by linking its online classified ads platfor...
The European Commission has imposed a penalty on Meta … for violating EU antitrust regulations by linking its online classified ads platform, Facebook Marketplace, to its personal social network, Facebook, and by applying unjust trade conditions on other online classified ads service providers,” the EU's administrative body has announced.Meta (META) has announced its intention to contest the ruling but will adhere to it in the meantime, aiming to swiftly and effectively develop a solution that addresses the issues highlighted. The European Union initiated formal investigations into Facebook's potential anticompetitive behavior in June 2021, and by December 2022, expressed concerns regarding Meta's practice of linking its dominant social network Facebook to its online classified ad services. Companies face penalties of up to 10% of their worldwide revenue for violating EU antitrust laws.
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