Meta Could Face $11.8 Billion Fine As EU Charges Tech Giant With Breaching Antitrust Rules

Dec 20,2022
KingData News: The European Union on Monday issued Facebook parent company Meta with a list of objections over of its online classifieds business, Facebook Marketplace. The European Commission, the EU’s executive arm, said that it found Meta breached EU antitrust rules by distorting competition in the markets for online classified ads. The Commission took issue with Meta’s pairing of the Facebook Marketplace service, which lets users list items for sale, with its personal social network, Facebook. For Meta, which made $117.92 billion in annual revenues in 2021, that could mean a penalty worth as much as $11.8 billion.
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