Meta Faces Massive EU Fine Over Facebook Marketplace

The European Commission has fined Meta Platforms €797.72 million for engaging in abusive practices with Facebook Marketplace. Meta plans to appeal, arguing that the EU has presented no evidence of harm to competitors or consumers, as per an earlier Reuters report.

The European Commission has slapped Meta Platforms with a hefty €797.72 million ($840.24 million) fine over alleged abusive practices related to its Facebook Marketplace. The announcement confirmed suspicions raised by an earlier report from Reuters.

Meta, the parent company of Facebook, quickly announced its intention to challenge the decision. In a statement, the tech giant asserted that the European Union has failed to show any damage to competitors or consumers, questioning the basis of the substantial penalty.

The controversy arises amid ongoing scrutiny of big tech companies by international regulators, emphasizing competition laws. Meta's stand against the decision highlights the complex dynamics between technology firms and regulatory bodies.

(With inputs from agencies.)