EU Slaps Meta with $841M Fine for Marketplace Misconduct

The European Commission has fined Meta nearly 800 million euros for 'abusive practices' within its Marketplace online ads business. Accusations include leveraging its dominant position to sideline competition by integrating Marketplace with Facebook. Meta has announced its intention to appeal the decision.

The European Commission has imposed a hefty fine of nearly 800 million euros on Facebook's parent company, Meta, for what it deems 'abusive practices' connected to its Marketplace online classified ads venture.

This penalty, totaling 797.72 million euros ($841 million), follows an in-depth investigation where EU regulators accused Meta of abusing its dominant market position. The company allegedly linked its online classified ad business to its social networking platform, thus exposing users to Marketplace involuntarily and minimizing competition.

The commission further criticized Meta for imposing unfair conditions, utilizing ad data from competitors that advertise on Facebook and Instagram to benefit Marketplace. Meta, however, refutes these claims, asserting the absence of competitive harm and announcing plans to appeal the EU's decision.

(With inputs from agencies.)