EU Hits Meta with $840M Fine for 'unfair' Facebook Marketplace

CGTN Europe

The European Commission fined Meta nearly €800 million over alleged antitrust violations, claiming that Meta unfairly tied its Facebook Marketplace service to Facebook, giving it an advantage over competitors in the classified ads market.   This linkage, the EU stated, forced unfair terms on rival ad providers and limited competition.  In addition to the fine, Meta was ordered to stop these practices. Meta plans to challenge the ruling, it said in a blog post.   CGTN Europe’s William Denselow explains.  #EU #Meta #Facebook

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00:00The European Commission says that Meta's decision to merge its online marketplace with the Facebook

00:06social media site violated antitrust rules. They say the ball is now in Meta's court to decide

00:13how to decouple the two as long as users are given more choice going forward. Meta, for its part,

00:21say they will contest this ruling saying that users of Facebook were never directed to the

00:28marketplace on the Facebook site but they will seek to find a resolution as quickly as possible.

00:36This is just the latest running that Facebook and Meta have had with EU regulators and the

00:42European Commission on this subject saying this fine worth around 840 million dollars

00:49was due to the duration and the gravity of the offence.

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