EU fines Meta over $840 million for ‘abusive practices’ favoring Facebook Marketplace
Meta received a fine of over $840 million on Wednesday for breaching the European Union’s antitrust rules as it relates to market domination after three years of legal proceedings.
The multinational company was penalized for tying its online classified ads service Facebook Marketplace to its personal social network Facebook according to the release.
The feature allows Meta to use data generated by other advertisers on Facebook and Instagram to attract customers on Facebook Marketplace.
The Hill reached out to Meta for comment.
The European Commission ordered Meta to end its conduct and to refrain from repeating similar advertising methods in the future after opening a formal investigation in 2021 followed by a Statement of Objections in 2022.
“In setting the level of the fine, the Commission took into account the duration and gravity of the infringement, as well as the turnover of Facebook Marketplace to which the infringements relate and which therefore defines the basic amount of the fine,” the Commission wrote.
“In addition, the Commission considered Meta's total turnover, to ensure sufficient deterrence for a company with resources as significant as Meta's,” it added.