Meta Platforms Inc's quarterly financial reports

Meta Faces Hefty EU Antitrust Fine by October; Google Wins €1.49 Billion Appeal

Sep 18, 2024, 08:40 AM

Meta Platforms Inc is facing a significant antitrust fine from the European Union over its practices in the classified advertising market. The Financial Times reports that the fine could be as much as 10% of Meta's global annual revenue and is expected to be imposed by October 2024. This decision follows allegations that Meta attempted to dominate the classified ads market by linking its Marketplace service with Facebook. Meanwhile, Alphabet unit Google has won a legal challenge against a €1.49 billion ($1.66 billion) EU antitrust fine. The fine, imposed five years ago, accused Google of hindering rivals in online search advertising. The EU's General Court found that regulators made errors in their investigation, leading to the annulment of the fine.