Facebook parent company fined over $840 million by Europe

Europe fined Facebook parent company Meta more than $840 million for violating antitrust laws and abusing its dominant position to suppress rivals.

The European Commission believes that all Facebook users automatically access Facebook Marketplace whether they want it or not - Photo: AFP

On November 14, the European Commission announced a fine of more than $840 million for Meta for abusive practices to promote its Facebook Marketplace service.

"The European Commission has fined Meta ... for violating EU antitrust rules by linking its online classified advertising service Facebook Marketplace to its private social network Facebook, and imposing unfair trading conditions on other providers of online classified advertising services," Reuters news agency quoted the commission's statement as saying.

The fine comes two years after the European Commission accused the US tech giant of giving its classified advertising service Facebook Marketplace an unfair advantage by bundling it into its social media platform.

“All Facebook users automatically and regularly access Facebook Marketplace whether they want to or not,” the committee said.

Additionally, Meta imposed unfair conditions on competitors in its advertising services, allowing the company to "use data related to ads generated by other advertisers for its own benefit on Facebook Marketplace."

Facebook launched Marketplace in 2016 and expanded to several European countries a year later.

Meta said it would appeal the decision, arguing that Facebook users should be able to choose whether or not to participate in Marketplace. The company also said that Europe had no evidence that it harmed competitors.

However, in the meantime, they will comply and will work quickly to come up with a solution.

Companies risk being fined up to 10% of global turnover for breaking European antitrust laws.

Source: https://tuoitre.vn/cong-ty-me-facebook-bi-chau-au-phat-hon-840-trieu-usd-20241114223428876.htm