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.