Meta Platforms Inc. is on the brink of receiving a substantial fine from European Union regulators concerning its alleged dominance in the classified advertising sector, according to a report by the Financial Times on Wednesday.
The EU is reportedly set to accuse Meta, the parent company of Facebook, of leveraging its free Marketplace service to unfairly bolster its market position and disadvantage competitors. This practice is said to involve linking Marketplace directly with Facebook, creating a competitive edge that undermines rival services.
The anticipated decision could be announced as soon as next month, marking one of the final investigations handled by the EU’s outgoing competition chief, Margrethe Vestager. This case underscores ongoing regulatory scrutiny of major tech companies in the EU, particularly concerning their market practices and competitive strategies.
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