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Meta, the parent company of Facebook, Instagram, and WhatsApp, has once again been hit with a substantial regulatory fine in Europe, this time for abusive practices related to Facebook Marketplace. The European Commission announced a fine of nearly $840 million for breaching EU antitrust rules by tying its online classified ads service, Facebook Marketplace, to Facebook itself. This created unfair trading conditions for other providers of classifieds online.
The fine is the latest development in a case that began in June 2021, when regulators determined that Facebook Marketplace violated antitrust rules. Margrethe Vestager, executive vice president in charge of competition policy, stated, “Today we fine Meta €797.72 million for abusing its dominant positions in the markets for personal social network services and for online display advertising on social media platforms.”
Meta has faced multiple fines in Europe over the years, totaling billions of dollars for various infringements. The company has been quick to respond, stating that it will appeal the ruling. Despite the fines, Meta continues to face legal challenges and regulatory cases across Europe.
Tech and VC heavyweights are set to join the Disrupt 2025 agenda, highlighting the ever-evolving landscape of technology and regulation. With political tides changing rapidly, particularly in the U.S., the future of regulation for Big Tech companies like Meta remains uncertain. Areas such as cybersecurity, M&A, and cryptocurrency are expected to be revisited, with a particular focus on social media, data protection, and privacy. It will be interesting to see how these areas are addressed in the coming years.
