EU fines Meta €797 million over antitrust breaches, that amounts to £663 million in sterling. Which adds to the compounding problem American tech companies are having in Europe.
The EU Commission on Thursday fined US tech giant Meta €797.7 million ($840.2 million) for breaches of EU competition law as the EU crackdowns on American social media and tech giants falling foul of EU business practices.
Apple facing near-£3bn UK lawsuit over cloud storage ‘monopoly’
The body said that Meta had engaged in practices benefiting Facebook Marketplace.
EU fines Meta €797 million over antitrust breaches
The Commission said that Facebook Marketplace enjoyed a “substantial distribution advantage which competitors cannot match” due to it being tied to the social media platform.
“All Facebook users automatically have access and get regularly exposed to Facebook Marketplace whether they want it or not,” it added.
Besides the Facebook social media platform, Meta also owns Instagram and the WhatsApp messaging service.