The European Commission has fined Meta✴, the parent company of Facebook✴, Instagram✴ and WhatsApp, €797.72 million (almost $840 million) for violating EU antitrust rules. The regulator claims that the Facebook✴ Marketplace ad service creates “unfair trading conditions” for other similar online platforms.
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The gigantic fine, the largest to date, was the result of a judicial investigation that began back in June 2021. In December 2022, regulators concluded that Facebook✴ Marketplace violated EU antitrust rules. It took almost two more years for bureaucratic procedures and, finally, today the decision on the fine was approved.
Facebook✴ plans to appeal. “This decision ignores the realities of Europe’s thriving online classifieds market and shields large incumbents from new entrant Facebook✴ Marketplace, which is meeting consumer demand in new, innovative and convenient ways,” the company said in a statement.