{"id":36640,"title":"Meta Hit With Massive EU Fine Over Facebook Marketplace Competition Breach","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2024-11-15T06:24:04+00:00","modified":"2024-11-15T06:24:04+00:00","canonical_url":"https://stockmark.it/meta-hit-with-massive-eu-fine-over-facebook-marketplace-competition-breach/","markdown_url":"https://stockmark.it/meta-hit-with-massive-eu-fine-over-facebook-marketplace-competition-breach.md","json_url":"https://stockmark.it/meta-hit-with-massive-eu-fine-over-facebook-marketplace-competition-breach.json","category":"EU Regulations","categories":["EU Regulations","Meta","Tech"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2023/01/meta-sm.jpg?fit=480%2C270&quality=89&ssl=1","format":"news","language":"en-GB","content":"The European Commission has slapped Meta Platforms with a €797.72 million (£663 million) fine for what it deems “abusive practices” concerning its Facebook Marketplace service. The regulatory body asserts that Meta violated competition rules by unfairly linking its classified ads business to the Facebook social network.\n\nEuropean Union Competition Commissioner Margrethe Vestager emphasised that Meta’s practices provided Facebook Marketplace with competitive advantages unavailable to other online classified advertising services. The commission’s ruling demands an immediate cessation of these practices.\n\nMeta has announced its intention to appeal the decision whilst simultaneously working to implement solutions addressing the commission’s concerns. The tech giant argues that the ruling fails to demonstrate any competitive harm to rivals or consumers, suggesting it overlooks the vibrant European market for online classified listings.\n\nThe fine represents the latest in a series of regulatory challenges for Meta in the European Union. The company recently delayed its AI model launch in the region, citing regulatory uncertainty. In 2023, Meta faced a €1.2 billion penalty for breaching EU data privacy regulations regarding the transfer of European Facebook users’ data to American servers.\n\nThe timing of this ruling coincides with anticipated changes in EU regulatory leadership, as Vestager prepares to step down from her role as competition commissioner. Her replacement, Spanish Environment Minister Teresa Ribera, will inherit the task of maintaining oversight of tech companies while supporting European business interests.\n\nMeta’s share price responded modestly to the news, declining by $3.03, or 0.5 per cent, to $576.97 in pre-market trading in New York. The company’s regulatory challenges continue to mount as it navigates an increasingly complex global compliance landscape."}