Meta to face EU antitrust fines within weeks, worth up to 10% of 2023 global revenues

Meta will be fined up to 10% of its global revenue in 2023 by the EU for violating antitrust laws, Reuters reported, citing the company's integration of Facebook Marketplace, a platform for peer-to-peer buying and selling, with Facebook's social features. The EU has ruled that Meta 'abused its dominance in the classified ads market.'

Exclusive: Meta to be hit with first EU antitrust fine for linking Marketplace and Facebook, sources say | Reuters
https://www.reuters.com/technology/meta-be-hit-with-first-eu-antitrust-fine-linking-marketplace-facebook-sources-2024-07-25/

Meta to Be Hit by EU Antitrust Order in Marketplace Fight - Bloomberg
https://www.bloomberg.com/news/articles/2024-07-25/meta-set-to-be-hit-by-eu-antitrust-order-in-marketplace-fight

In 2022, the European Commission pointed out that bundling social media sites Facebook and Facebook Marketplace distorts competition and violates Article 102 of the Treaty on the Functioning of the European Union, which is the EU's antitrust law. Meta has been negotiating with the EU, but has finally been fined.

Meta faces $1.6 trillion fine after European Commission warns of antitrust violations - GIGAZINE

European Commission antitrust commissioner Margrethe Vestager is likely to announce a decision on sanctions against Meta before she steps down in November 2024, people familiar with the matter told Reuters.

Meta had tried to avoid the European Commission's criticism by limiting its use of advertising data on Facebook Marketplace, but the proposal was rejected by the European Commission, Reuters reported, although the proposal was accepted by UK regulators.

The fine imposed on Meta is up to 10% of its global sales for the full fiscal year 2023. Meta's sales for the full fiscal year 2023 are $134.9 billion (about 20.7 trillion yen), so the fine is expected to reach $13.49 billion (about 2.7 trillion yen).

A Meta spokesman told Reuters: 'The European Commission's allegations are without merit. We will continue to work constructively with regulators to demonstrate that our product innovations are pro-consumer and pro-competition.'