Meta Fined €797.72 Million in First EU Antitrust Case, Plans to Appeal

Nov 14, 2024, 01:51 PM

Meta Platforms, the parent company of Facebook, was fined €797.72 million ($840 million) by the European Commission for breaching EU antitrust rules. Regulators stated that Meta abused its dominant position by tying its Facebook Marketplace service to its social network, automatically exposing Facebook users to Marketplace and imposing unfair trading conditions on rival online classified ad services. Meta announced plans to appeal the decision, claiming that the EU provided no evidence of harm to competitors or consumers. This marks the first time Meta has been fined for EU antitrust violations.