American corporation Meta Platforms Inc.*. faces a hefty fine for breaches of EU digital law and alleged attempts to dominate the classified advertising market, the Financial Times reported, citing sources.
According to the publication’s sources, community regulators believe that this Facebook parent company* “links the free Marketplace service to a social network to undermine its competitors.” An antitrust investigation into the tech giant began in 2019 after its rivals accused Facebook.* abuses its dominant position by offering free services while profiting from the data it collects on the platform, TASS reports.
If Meta Platforms Inc*“If convicted, the company faces a fine of up to 10% of its global annual revenue, which was nearly $135 billion in 2023.”
“However, regulators often impose much more lenient penalties.” – notes the Financial Times.
Brussels could make a decision on the matter next month, three officials with direct knowledge of the matter told the publication.
The European Commission declined to comment on the case. Metaplatforms Inc. also declined to comment, but drew attention to its previous statement, which said: “The EC’s claims are unfounded. We continue to work with regulators to demonstrate that our innovative products are consumer-centric and pro-competitive.”
*Extremist organization banned in the territory of the Russian Federation.
