Meta was fined by the European Commission (EC) for €797.8 million (~RM 3.8 billion) for alleged anti-competitive practices on Facebook Marketplace. EC says the advertising system used is unfair to their competitors such as Vinted, eBay, and Le Bon Coin.
Meta uses the advantage of their Facebook Marketplace advertising platform to make it difficult for other e-commerce platforms to compete and this is seen as a violation of EC anti-monopoly. Meta has issued a statement saying they will appeal this fine.
Last September Google was hit with a higher fine of €2.42 billion imposed by the EC for abusing its dominant position when promoting its own price comparison service in search results and demoting competitors' comparison services.
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BUSINESS & MONEY