Meta could face a significant fine for its alleged attempts to dominate the classified advertising market.
The corporation's classifieds practices have been criticized for tying free Marketplace services to Facebook's platform, which “harms rivals,” according to EU regulators. It's not clear how much the fine would be, but the figure could rise to as much as 10% of global annual revenue, which was nearly $135 billion in 2023.
In what could be EU antitrust commissioner Margaret Vestager’s final blow to Big Tech before she steps down, regulators began investigating the social media platform in 2019 after rivals accused Facebook of abusing its dominant position by offering free services while profiting from data it collects on the site.
Vestager's legacy
Sentences against technological giants Forced companies to comply with digital regulations In the form of the Digital Services Act (DSA) and the Digital Markets Act (DMA), these laws aim to ban harmful advertising practices and mitigate the spread of misinformation online.
As big tech companies become more powerful than ever, lawmakers and enforcers are looking to rein them in. A judge recently ruled that Google was acting as a search engine monopolist, and earlier this year, Apple was fined. A record $1.2 billion for anti-competitive conduct.
Margaret Vestager's resignation as EU Commissioner was seen as a victory for the big tech companies that have been in power The receiving end of its strict anti-competitive rulesbut it is possible that I may be able to see through this final decision before I resign.
The new head of antitrust at the EU college is likely to be Spanish climate expert Teresa Ribera, who looks set to continue Vesteger's legacy of tough competition policy.
Via Financial Times
