Europe fines Meta $840 million over abusive’ practices Profiting Facebook Marketplace

The European Union fined meta platforms €798 million ($840 million) over abusive practices benefiting the Facebook Marketplace. In a single statement, the EU’s executive arm said.
“The European Commission has fined Meta … for breaching EU antitrust rules by tying its online classified ads service Facebook Marketplace to its personal social network Facebook and by imposing unfair trading conditions on other online classified ads service providers,”
The Meta addresses it as an appealing decision. In the meantime, it will comply and will work faster and constructive way to launch the solutions and address the raised points.
The European Commission took this action two years after accusing the US internet giant of unfairly favoring its classified advertisements program Facebook Marketplace by combining the two platforms.
In June 2021, the European Union initiated formal processes to investigate Facebook’s potential anticompetitive behavior. In December 2022, the EU expressed concerns over Meta’s connection between its online classified ad services and its dominating social network, Facebook.
In 2016, Facebook raised Marketplace, and a year later, it expanded into many European nations.
According to the EU ruling, Meta forces Facebook Marketplace on individuals who use Facebook in an unlawful “tie,”. However, Meta countered that this rationale ignores the reality that many Facebook users do not utilize Marketplace.
According to Meta, the European Commission asserted that Marketplace might impede the expansion of major, established online markets in the EU, but it was unable to locate any proof of harm to rivals.
Businesses that going to violate the EU antitrust laws might face fines of up to 10% of their worldwide sales. Is this going to be profitable? What is in your mind?
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News Source: https://shorturl.at/Twt6Q
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