The European Commission has imposed a fine of €797.72 million (approximately $840 million) on Meta, the parent company of Facebook, Instagram, and WhatsApp, for breaching EU antitrust regulations. The regulator accuses Facebook Marketplace of creating “unfair trading conditions” that disadvantage other similar online marketplaces.
Investigation and Ruling
The fine, the largest issued by the Commission to date, stems from an investigation initiated in June 2021, reminds NIX Solutions. By December 2022, regulators had concluded that Facebook Marketplace was in violation of EU antitrust laws. Following nearly two years of deliberation and procedural reviews, the penalty was officially confirmed today.
Meta’s Response and Future Updates
Meta plans to appeal the decision, arguing that it misrepresents the market dynamics. The company stated, “This decision ignores the realities of Europe’s thriving online classifieds market and shields large incumbents from a new entrant — Facebook Marketplace — that is meeting consumer demand in innovative and convenient new ways.”
The outcome of the appeal could shape the future of online marketplaces across Europe. We’ll keep you updated on developments as more details emerge.