EU SLAPS META WITH A NEARLY 800 MILLION EURO FINE FOR ENGAGING IN 'ABUSIVE' MARKETPLACE PRACTICES

European Union regulators issued their first antitrust fine to Facebook parent Meta on Thursday with a penalty of nearly 800 million euros for what they call “abusive practices” involving its Marketplace online classified ads business.

- 

The European Commission, the 27-nation bloc’s executive branch and top antitrust enforcer, issued the 797.72 million euro ($841 million) penalty after its long-running investigation found that the company abused its dominant position and engaged in anti-competitive behavior.

It’s the first time the EU has imposed a fine on the social media giant for breaches of the bloc’s competition law. Brussels has already slapped Big Tech rivals Google and Apple with billions in antitrust penalties.

The commission had accused Meta of distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace “whether they want it or not” and shutting out competitors.