Facebook Parent Company Could Face $12B Fine

The European Union on Monday issued Facebook parent company Meta with a list of objections over of its online classifieds business, Facebook Marketplace.

The European Commission, the EU’s executive arm, said that it found Meta breached EU antitrust rules by distorting competition in the markets for online classified ads.

The Commission took issue with Meta’s pairing of the Facebook Marketplace service, which lets users list items for sale, with its personal social network, Facebook.

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It said it was concerned this arrangement gives Facebook Marketplace a “substantial distribution advantage that competitors cannot match.”

Margrethe Vestager, the Commission’s vice president in charge of competition policy, said the tie-up of Facebook with Marketplace gives users “no choice but to have access to Facebook Marketplace.”

www.cnbc.com/2022/12/19/meta-could-face-11point8-billion-fine-as-eu-charges-it-with-antitrust-breach.html

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