Meta Company✴ will be fined by the European Commission (EC) in the coming weeks for violating antitrust laws. The fine will be the first for Meta✴ in the EU and will be linked to the linking of the Marketplace classifieds service to the Facebook social network✴, reports Reuters with reference to sources.
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An EC investigation launched more than a year and a half ago found that Meta✴ Gives Its Marketplace Platform an Edge by Merging It with Facebook✴According to the regulator, this limits competition in the online classifieds market.
In addition, the EC accused Meta✴ in the abuse of a dominant position in the market, which is expressed in the unilateral imposition of unfavorable and unfair conditions for placing advertisements on Facebook✴ and Instagram✴ competing online classifieds services.
The company faces a fine of up to $13.4 billion, or 10% of its global revenue for 2023. However, as Reuters notes, the EU usually reduces the maximum sanctions limits. The commission is expected to announce its decision in September or October, before Margrethe Vestager, the head of the antitrust agency, steps down in November. However, the timing may be adjusted.
Meta✴ declined to comment, but company spokesman Matt Pollard reiterated his earlier view that the European Commission’s allegations were without merit. “We continue to work constructively with regulators to demonstrate that our products are in the interests of consumers and promote competition,” Mr Pollard said.
It should be noted that this month the EC also brought charges against Meta✴ for violating EU digital laws by effectively forcing users to sign up for a paid subscription under the new “Pay or Accept” model launched recently. The agreement provided for collection of large amounts of personal data.
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