Connect with us

Hi, what are you looking for?

Global Markets ReviewGlobal Markets Review

Tech News

Meta hit with $840 million fine for linking Facebook and Marketplace

A Facebook logo surrounded by blue dots and white squiggles.
Illustration by Nick Barclay / The Verge

Almost two years after EU regulators first accused Meta of “abusive practices” that gave the tech giant unfair market advantages, the European Commission has fined Meta €797.7 million (around $840 million). The combination of forcing Facebook users to be exposed to Marketplace and imposing restrictions against third-party classified ads providers on the platform are the two main reasons cited for the fine.

In a statement, the EU’s competition head Margrethe Vestager accused Meta of abusing its dominant position in the social media market “to benefit its own service Facebook Marketplace, thereby giving it advantages that other online classified ads service providers could not match. This is illegal under EU antitrust rules.”

The European…

Continue reading…

You May Also Like

Business

Nvidia passed Apple in market cap on Tuesday becoming, for a second time, the most valuable publicly traded company in the world. Nvidia rose nearly 3% to...

Business

The value of assets tied to Donald Trump — and those likely to benefit under his administration — surged in the wake of his...

Business

Wall Street dealmakers and corporate leaders expect the flood gates to open on merger and acquisition activity after President-elect Donald Trump takes office in January. And...

Business

Warner Bros. Discovery said Thursday its streaming platform Max added 7.2 million global subscribers in the third quarter. It marked the biggest quarterly growth for...