On November 14th, Eastern Time, according to Bloomberg, Meta was fined €798 million (approximately $841 million) by the European Union for bundling its online classified advertising service Facebook Marketplace with its social networking platform Facebook, making it difficult for users to avoid using Facebook Marketplace if they use Facebook.
This is the first time Meta has been penalized for violating EU antitrust laws. The European Commission believes that Meta's actions make it difficult for other similar second-hand goods trading websites to survive and has demanded that Meta cease this unfair practice.
Following the announcement, Meta's stock price fell more than 1% during Thursday's trading session.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6ef3baeb-43e7-4a5d-be1b-e02e8b0bdb03.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6ef3baeb-43e7-4a5d-be1b-e02e8b0bdb03.png"/>
Margrethe Vestager, the EU's antitrust chief, stated:
<blockquote>
&#34;Meta's actions are aimed at giving Facebook Marketplace more advantages, and this unfair strategy harms the interests of other advertising platforms.&#34;
</blockquote>
Vestager will step down by the end of this year, and this fine against Meta may be one of the last actions she takes before retirement.
Meta has stated that it will appeal the EU's ruling, but the appeal process may take several years. Despite the fine, Meta's recently released financial report shows that as of September 30, the company's third-quarter revenue grew by 19% year-on-year to $40.6 billion

META

Meta was fined €798 million by the European Union for bundling Facebook Marketplace with the social network Facebook, restricting user choice. The European Commission believes this harms the interests of other second-hand advertising platforms and has demanded that Meta cease this practice

- On November 14, Bloomberg reported that Meta was fined €798 million (approximately $841 million) by the EU for bundling its Facebook Marketplace with its social network, making it difficult for users to avoid the Marketplace.  
- This is the first time Meta has been penalized for violating EU antitrust laws, with the EU Commission stating that this practice harms competing platforms.  
- Despite the fine, Meta's recent financial report indicated a 19% year-over-year revenue increase to $40.6 billion for the third quarter.

Due to violations of antitrust regulations, Meta was fined €798 million by the EU for the first time