LONDON (AP) 鈥� European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call 鈥渁busive practices鈥� 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 found that the company abused its dominant position and engaged in anti-competitive behavior.
Brussels had of distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace 鈥渨hether they want it or not" and shutting out competitors.
It was also concerned that Meta was imposing unfair trading conditions with a terms of service that authorized the company to use ad-related data 鈥� generated from competitors who advertise on Facebook or Instagram 鈥� to benefit Marketplace.
Meta said in a statement that the decision fails to prove any 鈥渃ompetitive harm鈥� to rivals or consumers and 鈥渋gnores the realities of the thriving European market for online classified listing services.鈥� The company vowed to appeal.
The Associated Press
