EU slaps Meta with 800 mn euro fine over 'abusive' Marketplace practices

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EU slaps Meta with 800 mn euro fine over 'abusive' Marketplace practices - Business Standard

Quick Summary:

European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call abusive practices involving its Marketplace online classified ads business.

Brussels had accused Meta of distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace whether they want it or not" and shutting out competitors.

It was also concerned that Meta was imposing unfair trading conditions with a terms of service that authorised the company to use ad-related data generated from competitors who advertise on Facebook or Instagram to benefit Marketplace.