From Barchart: 2024-07-25 11:54:49

Meta is facing its first EU antitrust fine for allegedly tying its classified ads service, Marketplace, with Facebook. The European Commission claims Meta leveraged its dominance unfairly, potentially resulting in a fine of up to $13.4 billion, representing 10% of Meta’s 2023 global revenue. The decision is expected before EU antitrust chief Margrethe Vestager’s departure. Meta disputes the claims and proposed a settlement, which was rejected by the EU.

This case highlights the EU’s regulatory action against major tech companies like Meta and its struggle with compliance under new EU tech regulations. The outcome could set a precedent for future regulatory actions on fair competition practices. As Meta challenges the claims and faces separate charges, the tech industry closely observes the implications for market practices and regulations.



Read more at Barchart: Meta Challenges EU Claims Ahead of Antitrust Fine Decision